Real estate: Suppose you are asked to estimate the value of a 3 bedroom, 2 bathroom...
Real estate: Suppose you are asked to estimate the value of a 3 bedroom, 2 bathroom house by the sales comparison approach. You have identified two houses that have recently sold in the area. One of these houses has 4 bedrooms and 2 bathrooms and sold for $215,000. The other has 4 bedrooms and 3 bathrooms and sold for $220,000. Your research reveals that an additional bedroom adds $16,000 to the value of a house in this market and that an additional bathroom adds $5,000 to the value of house in this market. What is the indicated value of the subject property?
A. $199,000
B. $231,000;
C. $217,000.
D. $210,000.
Homework Answers
A) $ 1,99,000
Estimation of value of 3 bedrooms ,2 bathroom house by sales comparison approach=
Additional bedroom cost = $ 16000
Additional bathroom cost =$ 5000
4 bedrooms,2 bathroom prices is given
I.e = $ 215000
Less one bedroom cost = - $ 16000
Cost of 3 bedrooms 2 bathroom= $ 199000
Hence answer is A $ 199000
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