I just met a girlfriend at a property she inherited and needs to sell. The owner bought the home long before extensive information was available on our tax records, so I went to the listing assuming it was a 3/2/2, even though it was almost 800 square feet smaller than the average size in that subdivision. Turns out the garage has been converted to make a larger kitchen, and it has 1-1/2 bath, with the half-bath sharing a room off the kitchen with a stackable washer/dryer and a hot water heater – so, not a glamour bath. My Seller thought my suggested list price was too low, because the lot size is more than double the average lot size in that subdivision. It’s in a desirable part of town and a desirable school district, to boot.
I’m already reading your mind. Yes, I think the court house square footage is accurate and reflects the garage conversion. I pointed out to my Seller that the larger lot size would probably only be attractive to someone that owned a lot of animals, and most people that own a lot of animals would want more than two bedrooms. Whatever “plus” the larger lot size might offer is wiped out by the lack of the garage. And, no, it wouldn’t be of interest to an investor who might want to split the lot and build two homes, and the lot size is deep – not wide.
Thankfully my Seller is a former client and trusts my judgment. It made me think though that it would be nice to have a group of Realtors double-check my CMA. Maybe it’s worth it to pay an appraiser before I ever put it on the market?
From a legal standpoint, I don’t think it matters what she sells the house for – it’s paid for and she is the sole beneficiary. But, she’s a good friend in addition to being a good client, and I want to price this right!
