One approach is to work outward from the only completed sale; the other is to use the three active listings and discount them. Neither feels reliable without knowing whether the properties are genuinely comparable.
The Austin villa I’m considering is a 2-bed of about 2,420 sq ft, in average condition, listed at $385,000. Its light and location appeal to me, while the old finishes and potential lease-related expense do not. I’m particularly unsure whether buyers would pay a consistent rate for all that floor area in a home with only two bedrooms.
Before attempting any adjustment, which fact should I pin down first: exact micro-location, lease terms and service charges, parking, or outdoor space? I’ll still commission a local appraisal, but I want to know whether the single recorded sale is a useful anchor at all.
The Austin villa I’m considering is a 2-bed of about 2,420 sq ft, in average condition, listed at $385,000. Its light and location appeal to me, while the old finishes and potential lease-related expense do not. I’m particularly unsure whether buyers would pay a consistent rate for all that floor area in a home with only two bedrooms.
Before attempting any adjustment, which fact should I pin down first: exact micro-location, lease terms and service charges, parking, or outdoor space? I’ll still commission a local appraisal, but I want to know whether the single recorded sale is a useful anchor at all.