Anyone up for some number crunching on comps?
We're selling an out of town house (rental in a city we used to live). We're selling it FSBO, as there's an excellent, widely visited local FSBO site. So I'm crunching numbers on comps to come up with a listing price. I'm a bit of a math geek, so I've sliced and diced 22 different ways. If any of you would be so kind as to "check my math" and offer opinions on whether I'm looking at this correctly, I'd appreciate it.
I pulled sales data for the past 12 months, looking for houses in the area (1/2 mile x 1 mile area) of the same vintage (built in 1940's and 1950's, some back to the 20's) and found 33 comps. This is the city with the best schools in the larger metropolitan area, so these homes are the cheapest way to get into the school district. They've held their values pretty well, were flatish for a couple years when the downturn hit, and are now trending modestly upward (compared last 6 month sales with 7-12 months ago). Realtor friend of a friend says houses There's no simple answer to what the right price/sf is. The average is $104 and the mean is $107, but the range is $61-$136, with 82% in the $80-120/sf range. So I sliced and diced to try and separate out the factors that cause this range (other than, of course, condition, which unfortunately isn't available info). Here's what I found:
-Homes with basements (even if not finished) sell for more per square foot than homes on a slab.
-Homes with less square footage sell for more per square foot than homes with more square footage. There's a downward trend in $/sf as square footage increases, presumably because the extra space is in bedrooms and or living areas, not additional kitchen or bathroom space.
-Additional bathrooms or half baths do add to $/sf, all things being equal. i.e., 3/1's sell for less than 3/1.5's, which sell for less than 3/2's.
Our house is on a slab, is nearly 1300 square feet (at the higher end of the comps, as it had some sf added on), and is a 4 bed/1 bath, though one of the bedrooms is itsy bitsy (as the 3rd bedroom is in most of the comps). It has a completely new kitchen and bathroom as well as new carpet, and is spit shined to as perfect as you can get a 50-year-old house with all its "character" and 13 layers of paint everywhere. It also has a 2-car detached garage, which only 2 of the comps have (most have 1-car garages). We're including all appliances: stove, dishwasher, microwave, washer, dryer, and fridge.
-3 bedroom homes average $100/sf, with 3/1's averaging $96/sf.
-homes on slabs average $94/sf
-homes over 1000 sf average $88/sf, or $93/sf if you throw out the lowest 2 comps, in the $60's.
-there are only 3 comps that are 3/1 on a slab, and they average $89/sf. Two of these comps are >6 months old. The third one sold in August for $109/sf.
Though not desperate, we want to price it to sell quickly, balancing that with not leaving money on the table. My thought is to price at $89/sf, which is about $115K. That seems priced-to-sell aggressive, as it's the lowest reasonably justifiable price, and condition should be in the above average range.
I know one other way I need to approach pricing is that people generally shop in price ranges, so what will they be looking at in addition to ours, and how does ours compare. I could use some help evaluating that, as I'm not sure how best to approach it. It's in zip code 52722, if you want to do a search on realtor.com. Also, see QCFSBO, particularly this listing, which happens to be a very close comp, just around the corner from ours, and of similar size, vintage, and configuration.
I can post photos of ours if that would be helpful.
Any feedback on my methodology would be appreciated.