Pricing of the Property
How did we determine the asking price of $609,000?
We used several different sources. First, we looked at the
recent town assessment of the home (done for taxes) , which was
done in 2004, and it came in at $690,000. We asked the
town how this number is determined, and they showed us the
details of the calculation. Norwood, like many other towns
now, tries to peg home values much closer to actual market
values that factor in market conditions, not just raw
construction costs. As one of the newer homes in Norwood
(and with very few new homes being built here), the market value
rises.
Secondly, we had an appraisal done by an independent
appraiser. This also came in at $690,000, and is what the
bank would use to grant a loan for the house. The goal for
the appraiser is to find comparable home properties and what
they have sold for, but there are so few homes this new in
Norwood it makes it a challenge. There are one or two new
home developments currently being built in Norwood with homes of
similar square footage (largely priced $800,000 — $900,000 and
up) but they don't quite fit for an accurate comparable.
Finally, we consulted some local real estate agents for their
input, which landed a range for the suggested list price of
$599,000 to $629,000. Our hope is that, because we are
selling this on our own, the buyer feels they are getting a
decent value for what they pay.
So there you have it—a "scientific" approach to pricing a
home. Even after all this, we know the market will bear
what it will, and the market is always changing. We know
this home is very unique in many ways, and we believe the
extreme level of detail that was factored into its design and
construction will be valuable to the next owner. By the
way, be sure to see the "complete package" you get with this
home on the Welcome Message page.
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