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NEED AN APPRAISAL?

 Panorama of Homes will provide you with a free market analysis, using our advanced exclusive analysis system, to determine what your home should sell for. We have utilized this system for over 20 years and found it to be far superior to methods commonly used today, as illustrated below.

CONVENTIONAL METHOD OF MARKET VALUE ANALYSIS

 

1

Select comparable sales, preferably same style & BRs

 
Subject house Comparable 1 Comparable 2 Comparable 3

2

Compare & adjust to calculate market value

 
Sales price     $150,000               $138,000               $142,000           
No BRs 3      3   3   3  
No BTH 2 1 2000 1 2000 1 2000
Basement 1 0 8000 0 8000 0 8000
Garage 2 2   0 6000 0 6000
CAC 1 1   0 2000 1  
Adjusted value     $160,000   $156,000   $158,000

Based on this method, subject property would be valued at an averaged $158,000

3 Add cover sheets, some bar graphs, pyramid charts, the above analysis, and you have the conventional analysis
                                    

SEE WHAT'S MISSING?

Most conventional methods DO NOT calculate the difference in SIZE of comparable properties..WHY? Because it's NOT EASY. It requires considerable computation to do it right. Even so, we have meticulously ground out this computation by hand for over 20 years and found it to be the most reliable and accurate method available today. Now, thanks to modern computers, we can offer you this same service ABSOLUTELY FREE and with NO OBLIGATION.

HOW DO WE DO IT?

Panorama of Homes uses the following method to analyze size of comprable properties in order to more accurately compute market value.

1. Separate components of each comparable property into measurable units.

                                 

2.  Assign a value to all components, except the shell, & subtract from selling price.

                   

        i.e.                                 Selling price $160,000
  Less garage $6000  
    2 baths   4000  
    basement  10000  
    central air   2000  
    fireplace   2000  
    lot@25%  40000   64,000
      Value of shell  $96,000

 3.   Now comes the tricky part.

  Since the construction sq.footage (outside dimensions) are not usually available for comparable properties, we make the assumption that the sum of basic room sizes (called internal sq.ft.)will provide a workable ratio of construction size. Therefore we can calculate the value of internal sq.footage by dividing the shell value of each comparable by it's internal sq.ft.

              i.e.    assume internal sq.ft. = 1800, then $96,000/1800 = $50,00/sq.ft.

    This process is repeated for several comparables (usually 3-6) and averaged to obtain average $/internal ft.sq.

4.  The internal sq.ft. of subject property is then multiplied by this average $/internal sq.ft. to obtain a value for its shell, based on it's size

  The other components of the property, the lot, basement, garage, baths, fireplace, cent. air etc. are added to the base value (at the same value used in step 2) to obtain a market value based on averages.

  This calculation more accurately adjusts for variations in size and features.

Adjustments to this calculation can & should be made for conditions above or below average conditions of comparble properties.

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4958 Main St.
Downers Grove,
IL 60515

Office: 630.969.3366
fax: 630.969.8296

 

      
 
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