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What is the discount for a 2 bedroom house in a 3 bedroom market?

Sales price is around $750,000 home size is 1300 sqft
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November 13 2013 - Pacific Beach
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Answers (6)

There are lots of aspects to factor into answering your question, but I'm going to give it shot based on local MLS data. Here it goes...

The average price/square foot for all 3 bedroom, single family homes SOLD in 92109 in the last 6 months (given a 15% variance on square footage (1105sf-1300sf-1495sf) & price ($637,000-$750,000-$863,000), is $605.06/sf. Conversely, 2 bedrooms SOLD for 584.53/sf, on average. Once you apply the respective price/square foot to the subject property's 1300sf, the difference in price is $26,689 or 3.4%.

Ultimately, a property is only worth what a buyer is willing to pay.


I'm curious;...are you evaluating a potential purchase or contemplating whether or not to eliminate a 3rd bedroom in your home? Either way, I'm confident you'll make the right decision.
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November 13 2013
I'd approach this differently, which is to look for comparable 2-BR homes, rather than 3-BR homes.

All the best,
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November 13 2013
Times have changed and the number of bedrooms do not always effect the price in a significant amount.  A 1 bedroom vs a 2 is different than a 2-3, but matters even less when its a 3 and up.  This will depend on the demand in the area, but more than anything the size of the rooms.  Many cloned plans in large developers used more bedrooms, using the same amount of square footage a 3 bedroom would have with that plan. Earlier 10 yrs + these homes would bring a much higher asking price.   In today's pricing a fair appraisal will not give much more value to the property.   A master on the main typically brings more of an asking price.  The more of a demand in price will be the # of bathrooms or access to bathrooms.

Make sure that the 1300 sqft is "living area" when being compared to others in pricing.  This may not be reflected when the home is listed, but in many cases, below grade living area will be discounted when the appraisal is completed.

Please take a look at my profile and contact info.  Let me know if I can be of any further assistance.  I will be happy to assist you personally with a property in my area or elsewhere (US & International)

Thank You,
Kevin Stocks  - Realtor
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November 13 2013
Hi There,

It depends, but sometimes there won't be a discount. If there's more demand than inventory in the house's market, there may be no discount if other buyers are submitting offers. If the two bedroom home is now more functional otherwise than the comparable homes with three smaller bedrooms, there may be no discount. If the house has been nicely updated, it likely won't be cheaper than a three bedroom cosmetic fixer. If there are other similar homes for sale in nearly the same condition but with three bedrooms, there may be room to go a little lower if the two bedroom home is listed at the same price. There's also a reason a home is listed at the posted price. Have your agent get more info.There are even more variables than the above that are taken into account for value.

If you're buying, look at the above variables, plus ask your agent what else to look at. Your agent will help you write a winning offer by advising you on value and how to write an offer a seller will accept.

Good luck!

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
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November 13 2013
Hello.  I live just up the hill in Bay Park.  Is there a particular property you need me to pull comps on? [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
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November 13 2013
Good Morning,
Not sure that I understand your question. What is the "discount?" Can you clarify? If you are interested in a particular property in PB, I can tell you if it's on the market and for how much. If you want a market analysis of a home that's not currently on the market, I can assist you with that too...

Thanks!
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November 13 2013
 
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