market analysis adjustment worksheet – form...

Market Analysis Adjustment Worksheet – Form 9-2

continued

Item Subject Property

Comparable Comparable Comparable Comparable

Address

Sales Price

Date of Sale

Time Adjustment Sale Terms & Conditions

continued

Location

Sq. Ft. of Living Area Age

Type/Quality Construction Design & Appeal Condition

continued

No. of Rooms

No. of Bedrooms No. of Baths

Functional Utility Air Conditioning Garage / Carport

continued

Porches, Patio, Pool Basement

Fireplace

Items Energy Efficient Landscaping

Other / Fence

continue to Conclusions

Total NET Adjustments Sales Price

Less Adjustments Adjusted Sales Price

Correlation: Indicated Value % Weight Comparable - $__________ x ____% = $__________ Comparable - $__________ x ____% = $__________ Comparable - $__________ x ____% = $__________

Estimate Value by Market Data Approach: $__________ Rounded to: $__________

Student Exercise #1 PRICING PROPERTY

Click to Open and Complete the Interactive PDF

EXERCISE #1 – Pricing Property Complete the following Market Analysis Adjustment Worksheet

based on the information provided. Subject Property: •  1000 Longleaf Court, located in Falling Pines subdivision. •  10-year old, 2-story frame construction in good condition. •  Square Footage = approx. 2,500 square feet gross living area. Basement 800 square

feet, unfinished. •  Total rooms = 8: 4 bedrooms, 2½ baths, separate dining room, family room with

fireplace and pull down stairs to attic storage. •  Central air conditioning and forced air, gas heat and average energy efficient items. •  Attached 2-car garage and screen porch. •  Landscaping is considered average for this community. •  Overall functional utility of the floor plan and property is also considered average.

EXERCISE #1 – Pricing Property The following 3 properties are in the subject’s subdivision, considered to be in a good location. Each has sold within the last 6 months and is comparable to the subject property. Each has good functional utility, average design, average curb appeal, central heat and air, as well as average energy efficient items. All of the buyers obtained a conventional loan for the purchase and paid all of their own costs. 1.  1005 Longleaf Court 2.  2121 Short Needle Drive 3.  1449 Resin Circle

EXERCISE #1 – Pricing Property 1005 Longleaf Court

•  This 10-year old, brick-front home is located on the same street. •  2,500 square feet. •  Same floor plan as the Subject Property, with the same number of bedrooms,

bathrooms and overall features. •  Property is built on a slab and has a 2-car attached garage, wood deck, fenced yard

and average maintenance. •  The property is in good overall condition with no noticeable maintenance required and

average landscaping. •  This is a current sale (26 days ago) and sold for $172,000.

EXERCISE #1 – Pricing Property 2121 Short Needle Drive

•  Located in the same subdivision as the Subject Property •  8-year old, 2,280 square feet, 2-story home is of frame construction with a brick front.

Overall, in good condition. •  The 8 room home consists of 4 bedrooms, 2½ baths, living room, dining room, family

room with fireplace and pull down attic storage. •  The basement is 650 square feet of unfinished space. •  The property has central air conditioning and forced air, gas heat, a 2-car attached

garage and a screen porch. •  The landscaping is of average quality. •  The property is a current sale having sold 89 days ago for $178,900.

EXERCISE #1 – Pricing Property 1449 Resin Circle

•  Located in the same subdivision, this 2-story 9 year old home is of frame construction

and in good condition. •  The gross living area has 2,700 square feet •  Consists of 8 rooms; including 4 bedrooms, 3 baths, living room, dining room, family

room with fireplace, pull down attic storage and a 2-car attached garage. •  The basement is 975 square feet and is not finished. •  The backyard is landscaped comparatively to the other homes in the neighborhood, is

fenced with a wood deck and built-in hot tub. •  45 days ago the property sold for $192,500 and is considered a current sale.

EXERCISE #1 – Pricing Property Broker Recommended Adjustments for an Average Quality Home in this Market

•  Square Footage: $25 per square foot •  Basement: $12 per square foot •  Brick Front: $4,500 •  Full Bath $4,000 •  Half Bath: $2,000 •  Screen Porch: $3,000 •  Wood Deck: $2,000 •  Hot Tub: $2,000 •  Fence: $2,500

NOTE: Use the “Porches, Patio, Pool” category on the Market Analysis Adjustment Worksheet to make adjustment for a hot tub. Use the “Other” category to make adjustments for a fence.

EXERCISE #1 – Pricing Property Assign

•  30% of value to comparable #1 •  50% of value to comparable #2 •  20% of value to comparable #3

Student Exercise #1 PRICING PROPERTY

continued

Address

Sales Price

Date of Sale

continued

Address 1000 Longleaf Court

1005 Longleaf Court

Sales Price

Date of Sale

continued

1005 Longleaf Court

Sales Price $172,000

Date of Sale

continued

1005 Longleaf Court

Date of Sale Current

continued

1005 Longleaf Court

Time Adjustment

Sale Terms & Conditions

continued

1005 Longleaf Court

Time Adjustment

Conventional

continued

Location Good Similar

Sq. Ft. of Living Area Age

continued

Sq. Ft. of Living Area

2,500 2,500

continued

2,500 2,500

Age 10 years 10 years

continued

2,500 2,500

Type/Quality Construction

Frame Bk Front / -4,500

Design & Appeal Condition

continued

2,500 2,500

Design & Appeal

Average Similar

Condition

continued

2,500 2,500

Design & Appeal

Average Similar

Condition Good Similar

continued

No. of Rooms 8 8

No. of Bedrooms No. of Baths

continued

No. of Rooms 8 8

No. of Bedrooms

No. of Baths

continued

No. of Rooms 8 8

No. of Bedrooms

No. of Baths 2.5 2.5

continued

No. of Rooms 8 8

No. of Bedrooms

Functional Utility

Good Similar

Air Conditioning Garage / Carport

continued

No. of Rooms 8 8

No. of Bedrooms

Functional Utility

Good Similar

Air Conditioning

Central Central

Garage / Carport

continued

No. of Rooms 8 8

No. of Bedrooms

Functional Utility

Good Similar

Air Conditioning

Central Central

Garage / Carport

2 Car Garage Similar

continued

Porches, Patio, Pool

Screen Porch Deck / +1,000

Basement

Fireplace

Other / Fence

continued

Basement 800 Slab +9,600

Fireplace

Other / Fence

continued

Fireplace 1 1

Other / Fence

continued

Fireplace 1 1

Items Energy Efficient

Average Similar

Landscaping

Other / Fence

continued

Fireplace 1 1

Average Similar

Landscaping Average Similar

Other / Fence

continued

Fireplace 1 1

Average Similar

Other / Fence None Fence / -2,500

Total NET Adjustments

+ $3,600

Sales Price

+ $3,600

Less Adjustments

+ $3,600

Adjusted Sales Price

+ $3,600

Less Adjustments

+ $3,600

$175,600

continued

1005 Longleaf Court

2121 Short Needle Drive

Time Adjustment

Conventional

continued

1005 Longleaf Court

Sales Price $172,000 $173,900

Time Adjustment

Conventional

continued

1005 Longleaf Court

Sales Price $172,000 $173,900

Date of Sale Current Current

Time Adjustment

Conventional

continued

1005 Longleaf Court

Sales Price $172,000 $178,900

Time Adjustment

None None

Conventional

continued

1005 Longleaf Court

Sales Price $172,000 $178,900

Time Adjustment

None None

Conventional Conventional

continued

Location Good Similar Similar

2,500 2,500

Design & Appeal

Average Similar

continued

2,500 2,500 2,280 / +5,500

Design & Appeal

Average Similar

continued

2,500 2,500 2,280 / +5,500

8 years

Design & Appeal

Average Similar

continued

2,500 2,500 2,280 / +5,500

8 years

Bk Front / -4,500

Design & Appeal

Average Similar

continued

2,500 2,500 2,280 / +5,500

8 years

Bk Front / -4,500

Design & Appeal

Average Similar Similar

continued

2,500 2,500 2,280 / +5,500

8 years

Bk Front / -4,500

Design & Appeal

Condition Good Similar Similar

continued

No. of Rooms 8 8 8

No. of Bedrooms

Functional Utility

Good Similar

Air Conditioning

Central Central

Garage / Carport

continued

No. of Rooms 8 8 8

No. of Bedrooms

Functional Utility

Good Similar

Air Conditioning

Central Central

Garage / Carport

continued

No. of Rooms 8 8 8

No. of Bedrooms

No. of Baths 2.5 2.5 2.5

Functional Utility

Good Similar

Air Conditioning

Central Central

Garage / Carport

continued

No. of Rooms 8 8 8

No. of Bedrooms

No. of Baths 2.5 2.5 2.5

Functional Utility

Good Similar Similar

Air Conditioning

Central Central

Garage / Carport

continued

No. of Rooms 8 8 8

No. of Bedrooms

No. of Baths 2.5 2.5 2.5

Functional Utility

Air Conditioning

Central Central Central

Garage / Carport

continued

No. of Rooms 8 8 8

No. of Bedrooms

No. of Baths 2.5 2.5 2.5

Functional Utility

Air Conditioning

Garage / Carport

2 Car Garage Similar Similar

continued

Screen Porch Deck / +1,000 Screen Porch

Fireplace 1 1

Average Similar

continued

Basement 800 Slab +9,600 650 / +1,800

Fireplace 1 1

Average Similar

continued

Basement 800 Slab +9,600 650 / +1,800

Fireplace 1 1 1

Average Similar

continued

Basement 800 Slab +9,600 650 / +1,800

Fireplace 1 1 1

continued

Basement 800 Slab +9,600 650 / +1,800

Fireplace 1 1 1

Landscaping Average Similar Similar

continued

Basement 800 Slab +9,600 650 / +1,800

Fireplace 1 1 1

Other / Fence None Fence / -2,500 None

+ $3,600 + $2,800

Less Adjustments

+ $3,600

$175,600

+ $3,600 + $2,800

Sales Price $172,000 $178,900

Less Adjustments

+ $3,600

$175,600

+ $3,600 + $2,800

Sales Price $172,000 $178,900

Less Adjustments

+ $3,600 + $2,800

$175,600

+ $3,600 + $2,800

Sales Price $172,000 $178,900

Less Adjustments

+ $3,600 + $2,800

$175,600 $181,700

continued

1005 Longleaf Court

1449 Resin Circle

Sales Price $172,000 $178,900

Time Adjustment

None None

continued

1005 Longleaf Court

1449 Resin Circle

Sales Price $172,000 $173,900 $192,500

Time Adjustment

None None

continued

1005 Longleaf Court

1449 Resin Circle

Sales Price $172,000 $173,900 $192,500

Current

Time Adjustment

None None

continued

1005 Longleaf Court

1449 Resin Circle

Sales Price $172,000 $173,900 $192,500

Current

Time Adjustment

None None None

continued

1005 Longleaf Court

1449 Resin Circle

Sales Price $172,000 $173,900 $192,500

Current

Time Adjustment

None None None

Conventional Conventional Conventional

continued

Location Good Similar Similar Similar

2,500 2,500 2,280 / +5,500

8 years

Bk Front / -4,500

Design & Appeal

continued

2,500 2,500 2,280 / +5,500 2,700 / -5,500

8 years

Bk Front / -4,500

Design & Appeal

continued

2,500 2,500 2,280 / +5,500 2,700 / -5,500

8 years

9 years

Bk Front / -4,500

Design & Appeal

continued

2,500 2,500 2,280 / +5,500 2,700 / -5,500

8 years

9 years

Bk Front / -4,500

Design & Appeal

continued

2,500 2,500 2,280 / +5,500 2,700 / -5,500

8 years

9 years

Bk Front / -4,500

Design & Appeal

Average Similar Similar Similar

continued

2,500 2,500 2,280 / +5,500 2,700 / -5,500

8 years

9 years

Bk Front / -4,500

Design & Appeal

Condition Good Similar Similar Similar

continued

No. of Rooms 8 8 8 8

No. of Bedrooms

No. of Baths 2.5 2.5 2.5

Functional Utility

Air Conditioning

Garage / Carport

continued

No. of Bedrooms

4 4 4 4

No. of Baths 2.5 2.5 2.5

Functional Utility

Air Conditioning

Garage / Carport

continued

No. of Bedrooms

4 4 4 4

No. of Baths 2.5 2.5 2.5 3 / -2,000

Functional Utility

Air Conditioning

Garage / Carport

continued

No. of Bedrooms

4 4 4 4

No. of Baths 2.5 2.5 2.5 3 / -2,000

Functional Utility

Good Similar Similar Similar

Air Conditioning

Garage / Carport

continued

No. of Bedrooms

4 4 4 4

No. of Baths 2.5 2.5 2.5 3 / -2,000

Functional Utility

Air Conditioning

Central Central Central Central

Garage / Carport

continued

No. of Bedrooms

4 4 4 4

No. of Baths 2.5 2.5 2.5 3 / -2,000

Functional Utility

Air Conditioning

Central Central Central Central

Garage / Carport

2 Car Garage Similar Similar Similar

continued

Screen Porch Deck / +1,000 Screen Porch Deck / Hot Tub -1,000

Basement 800 Slab +9,600 650 / +1,800

Fireplace 1 1 1

continued

Basement 800 Slab +9,600 650 / +1,800 975 / -2,100

Fireplace 1 1 1

continued

Basement 800 Slab +9,600 650 / +1,800 975 / -2,100

Fireplace 1 1 1 1

continued

Basement 800 Slab +9,600 650 / +1,800 975 / -2,100

Fireplace 1 1 1 1

continued

Basement 800 Slab +9,600 650 / +1,800 975 / -2,100

Fireplace 1 1 1 1

Landscaping Average Similar Similar Similar

continued

Basement 800 Slab +9,600 650 / +1,800 975 / -2,100

Fireplace 1 1 1 1

Landscaping Average Similar Similar Similar

Other / Fence None Fence / -2,500 None Fence / -2,500

+ $3,600 + $2,800 - $12,600

Sales Price $172,000 $178,900

Less Adjustments

+ $3,600 + $2,800

$175,600 $181,700

+ $3,600 + $2,800 - $12,600

Sales Price $172,000 $178,900

$192,500

Less Adjustments

+ $3,600 + $2,800

$175,600 $181,700

+ $3,600 + $2,800 - $12,600

Sales Price $172,000 $178,900

$192,500

Less Adjustments

+ $3,600 + $2,800 - $12,600

$175,600 $181,700

+ $3,600 + $2,800 - $12,600

Sales Price $172,000 $178,900

$192,500

Less Adjustments

+ $3,600 + $2,800 - $12,600

$175,600 $181,700 $179,900

Correlation: Indicated Value % Weight Comparable - $175,600 x 30% = $52,680 Comparable - $181,700 x 50% = $90,750 Comparable - $179,900 x 20% = $35,980

Estimate Value by Market Data Approach: $179,410 Rounded to: $179,400

Student Exercise #2 PRICING PROPERTY - COMPLETED

Student Exercise #2 REPLACEMENT COST WORKSHEET

Replacement Cost Worksheet

Replacement Cost Worksheet Calculate the Square Footage for:

Sunroom: Garage: Living Area:

Using the following replacement cost values, calculate the replacement costs for each:

Sunroom ($24 per square foot) Garage ($38 per square foot) Living Area ($70 per square foot) Total

The land is valued at $15,000; there is approximately $6,700 estimated for depreciation. What is the indicated value of the property?

5 x 28 = 140

5 x 28 = 140 10 x 20 = 200

5 x 28 = 140 10 x 20 = 200 15 x 20 = 300

5 x 28 = 140 10 x 20 = 200 28 x 28 = 784

5 x 28 = 140 10 x 20 = 200

300 + 784 = 1084

5 x 28 = 140 10 x 20 = 200

300 + 784 = 1084

x 140 = $3,360

5 x 28 = 140 10 x 20 = 200

300 + 784 = 1084

x 140 = $3,360 x 200 = $7,600

5 x 28 = 140 10 x 20 = 200

300 + 784 = 1084

x 140 = $3,360 x 200 = $7,600

x 1084 = $75,880

5 x 28 = 140 10 x 20 = 200

300 + 784 = 1084

x 140 = $3,360 x 200 = $7,600

x 1084 = $75,880 $3,360 + $7,600 + $75,880 = $86,840

5 x 28 = 140 10 x 20 = 200

300 + 784 = 1084

x 140 = $3,360 x 200 = $7,600

x 1084 = $75,880 $3,360 + $7,600 + $75,880 = $86,840

$86,840 - $6,700 + $15,000 = $95,140

market analysis adjustment worksheet – form...

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