A man and his realtor walk down the street and the man says ?Realtor, I want to buy that house,? pointing to a beautiful 3 bedroom 2 bath home, ?What should I offer???The realtor responds, ?Well, I?ve looked at the comparable sales in the neighborhood and it looks like another 3 bedroom, 2 bathroom home sold for $100,000 just last month.?I would offer them $100,000.??The man agrees and buys the home.The next week, the same man comes back up to his realtor and says ?Realtor, I love my new home, but I had a great year at work and have some extra money that I want to invest.?I heard that the retail center up the street is for sale.?I saw the one across the street just sold for $500,000 and was identical.?Should I offer $500,000???The realtor responds, ?Let me check the sale price.??The realtor makes a few calls and comes back to tell the man the news. ?Well,? says the man, ?Can I buy it???The realtor then tells the man the news, ?That retail center is for sale for $1,000,000.?Maybe we should look at something else???? The man, looking confused, thinks for a minute and then says, ?how could that be? They are identical in size and just across the street.?Why is that one worth twice as much??We?ll get back to the realtor?s answer in just a minute.Before we answer his question, let?s take a quick look at how property values are determined.Let?s first take a look at residential properties.We define residential properties as single family homes.?Homes are traditionally purchased as a place to live by their owner.?They can also be purchased as rental properties.?But, because the percentage of homes purchased as rentals is relatively small when compared to the single family home market as a whole, their valuation is based on the same methods.Home prices are determined by using a few different comparable sale methods.?These comparable sale methods are done by using cost per square foot, cost of construction, or floor plans. ??These valuation methods are also applied for duplexes and four-plexes.For instance, let?s say a home sells in your neighborhood for $100,000.?It has 2 bedroom and 1.5 baths.?It is similar in style and size to your home.?When you go to sell your home, the realtor will probably tell you that it is worth $100,000 after looking at the comparable sale.
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