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Question for those knowledgeable about house appraisals

KoolAidKid

KoolAidKid

Golden Member
I am currently working with a builder to try to get a house. They are building two houses currently. House A is finshed, and House B is about 8 weeks away from being finished. Both houses have 3 bedrooms and 2.5 baths, are located within a block from one another, and are essentially the same house. The main difference, though, is that House B has 2000 sq ft, while House A has 1650. House B's increased square footage comes from a formal dining room as well as larger bedrooms.

Here's my question: House A is priced at $290k. What is your estimate of House B's price? The reason why I ask this is that they will not furnish me with a price for House B until it has been appraised, and they told me that it can't be appraised until it's nearly finished. I want to know whether I am wasting my time with House B.

The most obvious way to answer this problem to my mind is to figure that House A costs $175/sq ft, so by this logic a 2000 sq ft house should cost $350k. Is this valid?
 
From what I know, square footage does play a role in appraisals, so that estimate prob. isn't far off.
 
If the house is in the same area/market, your math gets the job done.
Additional baths make a big difference, but you didn't mention any.
 
Because the houses are in similar areas and the houses themselves are similar, I would say your method for calculating costs is a good one.
 
Is House B going to be in the same phase as House A? Usually prices go up each phase. 8 weeks is enough to warrant a $10k increase from an identical house in an earlier phase.
 
Originally posted by: KEV1N
Is House B going to be in the same phase as House A? Usually prices go up each phase. 8 weeks is enough to warrant a $10k increase from an identical house in an earlier phase.
Click to expand...

This is a really small builder & development, so they don't really have phases. They build 3-4 houses a year from what I can tell.
 
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