How to factor short sale comparable values into offer ... - Zillow Real ...

Great question, as I'm going through some of the same calculations on a home in another state I want to buy. First, forget the per-square-foot valuation. It may make sense if you're comparing, say, new construction homes with the same amenities, but it does't really work for what you're trying to do.

Second, make sure the homes are within 10% or 15% of the size of the one you're interested in and within a mile or less. Age should correlate, as should style (i.e., single-level homes don't compare well to two-level homes). And condition!

Now, the red meat: I?calculate home values for a living, so you'd think I'd be able to do it in another market area. Not! But I found myself overthinking the issue, and I see you doing some of the same. At some point, you either want the house or you don't, and trying to price it right down the the gnat's petootie becomes more of an intellectual exercise than a home purchase.

In my case, I pretty well generally?know what the house is worth, and if I overpay a little, so what, because the home is in the location I want and at the general price I want to pay. In my business, I see people every day who are mortified of overpaying (for good reason, given the meltdown), and suddenly, I find myself in their shoes. But I just took a step back and focused on what I wanted to do.

If you want good data, go to Redfin's website, set up an account and use their home pricing tool. It's very, very good. And don't worry about someone contacting you. They leave that part up to you.

Source: http://www.zillow.com/advice-thread/How-to-factor-short-sale-comparable-values-into-offer-price/462971/

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