New Jersey Real Estate Q&A Discussion Forum
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Looking for someone who can guide me on completing my own BPO
I need someone who can guide me on completing my own comparative market analysis or BPO or who would be willing to do one for me. I am going to be selling my 1 family house on a 7000 sq/ft lot as a knock down and I am just wondering how to figure out the value of my home. I have looked through all the tax records at homes on 6000-7000 sqft lots. The issue is that some of the houses that sold are new duplexes and/or older 2 families, which both sell for more than a single family home. Do I include duplexes and 2 families in my comparison sine they were not tear downs and are worth much more? Should I only use 1 family tear downs on 6000-7000sqft lots or should I include tear downs that were on 5000 sqft lots also? It seems that teardowns on 5000 sq ft lots are more expensive per sqft of land-not in overall sale value but per sq ft of land. So a single story on a 5000 sqft lot might sell to a builder for 620k and a single story on a 7000 sqft lot might go for 650k. Im just not sure whether I should include those 5000sq ft lots in the mix since they seem to be priced differently. I also wonder if I would deduct a % off the price per square foot for the lot being on a corner?? It seems my lot is a 7000sqft lot but because i'ts on a corner they can only build a building that would t typically fit on a 6300 sq ft lot. I'm not sure how to factor that in. I have an idea and have been speaking to other folks on here but wondering what someone with experience completing a BPO would say. Any input would be appreciated. Thank you.