Quote:
Originally Posted by mulligan
Tell me if I am incorrect, but isn't the value of something closely related to the price people are willing to pay for it ? Would recent sale prices on similar homes not be a reasonable measure of a home's true value ?
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Yes, In Virginia we would take 3 homes recently sold in the area and also 2 current marketed homes. They would be similar (2 story) (1 Story) ..they add and subtract things like curb appeal, lot size, number of bedrooms etc. There are problems that arise when you have a unique property (ie We had a house on the water in a city where no other properties in that area on the water sold in the last 20 years)....it was a challenge getting an appraisal. Lots of adding and subtracting. Water view is SUBJECTIVE, water front lot size is NOT SUBJECTIVE.
I was a licensed Realtor in Virginia--I feel comfortable that I know the business...