Assignment Instructions
The requirement of this assignment is to determine an Estimated
Home Value and write a short paper on the topic of Estimated Home Value. Use
the data below to determine the correct estimate for the subject property.
Solve the following problem using the data outlined. Include a table of any
adjustments you make to the sales prices of the comparable properties (this
should be 1 to 2 pages). Next, write a 4 to 6 page paper concerning Estimating
Home Value. Include your calculations, chart, etc. in your paper. Discuss
vital aspects when estimating the value of a property. Note: The body of your
paper with both the problem solving, charts, and written content should be 5 to
7 pages plus the Title Page.
Problem: An appraiser is attempting to estimate the value of a
house. The subject property has four bedrooms and a swimming pool. The
appraiser has found three comparable listings that have recently sold:
Comparable Sales Price Bedrooms Swimming Pool
___________________________________________________
1
$310,000
5 No
2
$301,000
4
No
3
$334,000
3
Yes
The appraiser estimates that each bedroom has a worth of $12,000 and a swimming
pool a worth of $25,000. Given the above information, what is the estimated
value of the subject property using the average derived from the comparables?
