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Updated almost 5 years ago,
ARV quick question! Am I going crazy or just a little tired!
Little trickery we are sharpening up on our skills, we switched to finding the ARV by using the price per square foot formula, which came to roughly 80k, on this 2bd- 1ba home which is about 530 SF. Which was great we have the ARV we are ready finish the formula and submit our offer for considersation! Only issue is at the end of January 2020 two properties on the same street and following street sold for 180k, and 175k, both were 930 SF, and 808 SF! Is my ARV still 80k or should have these newly sold comps raised my calculated ARV? We than did the average ARV formula , simply adding up similar comps sold prices and dividing by number of similar comps and got an ARV of 154k! I know the ARV is not a science but an art but what are we missing here? Something is not adding up correctly?