How can I tell how much the house will sell for after all repairs?
What are good methods of determining the final sale price?
The easiest way is to ask your real estate agent. Ask them to complete a Comparable Market Analysis (CMA) on the property as if it was completed. They will find other properties of similar size and condition and see what they are selling for. This will help you to know what the most likely sales price will be.
Exactly. The best way is to run a CMA - which will require full MLS access
Having full MLS access does not mean that a person is qualified to create a CMA. Just because you have a sock set does not make you a mechanic. You need to know what to look for, what adjustments need to be made, on what to base the adjustments combined with market demand. That is why I recommend working with a skilled and experienced real estate agent.
The house will sell for what every other house just like it in the same neighborhood has sold for in the last 3 months.
There’s a good answer…
And any realtor should be able to provide this information so I don’t have to find it myself through the property appraiser…
Correct! A qualified agent is going to look for homes that have sold over the past 3 to 6 months that are similar to how your home will look when it is complete. They will then adjust for the differences in features and provide you with a range of values (i.e. recommended listing price and most likely selling price.)
You can get an appraisal and then use it as a marketing tool, but that will set you back at least $250 clams for a basic bare bones report.
What’s $250 in the grand scheme of things?
A rehabber friend & partner just spent 3 months nights & weekends doing a great renovation job. (He owns a granite shop). 3 months later it sells but the Bank appraisal came in way too low & the buyer came back with a significant drop in price. Already into another project & to avoid winterizing & more carrying costs they conceded. They only cleared $8k.