We just looked at another 2/2 bungalow style in Grass Valley last week, almost the exact same stats for the home at 461 Brighton Street:
As I said before, when I walk around a home and do my video and preview I have a check list with me and ask the same 16 questions about every home I go to see. Each question allows me to rate the home on a scale of 1 to 5, where a 1 typically means the home is substandard or needs improvement, and a 5 means the home has some value added feature. The scores in the middle of the range measure degrees of value along some vector that buyers consider important. So, I ask 16 questions, each one allowing a point rating one to five. The highest rated home would have a score of 80, (61 X 5) the lowest rated home would have a score of 16. I made the scale so that a three bedroom two bathroom move-in ready home would score between 40 and 50 points. Most homes under $300,000 are not going to score that well, but homes that score 30 points or more are generally the best of what you find for less than $300,000. Homes that score down in the 20’s or high teens, are fixers or in need of substantial rehabilitation.
The scoring of homes breaks down as follows:
On a scale of 4 to 20 in each division:
Yard and Landscaping
Fixtures and Appliances
Every home gets rated against the same scale based on how each home objectively qualifies in quality and condition for a series of questions that scope out each of the four divisions. I put everything on a spreadsheet, and every home is given a series of numbered codes that remind me of the condition, even when I see dozens of home every month.
So, how did this home at 10068 Westhill compare to 461 Brighton Street: They are both 2 bedroom and 2 bathroom homes on a little less than 2/10th of an acre, so how do they match up?
Yard and Landscaping and Cub Appeal 10 12
Interior Features and Condition, Kitchen bedrooms and bathrooms 8 7
Floor Plan and features of the home 8 5
Fixtures and Appliances 8 12
Total 34 36
Westhill has a bit more charm and curb appeal, but the dark interior makes the bedrooms and kitchen a bit less appealing, although both homes are only 2 bedroom homes, the Westhill home, with a master bath that enters into the garage is functionally obsolete. What brings them back to near par is the newer fixtures and appliances on the Westhill home. The Brighton Street home is a foreclosure home, owned by a bank, no telling what works and what doesn’t work. Westhill is a conventional equity home, and all the utilities are on and in working order, even if they are more than 10 years old, at least it is clear appliances and fixtures are operational.
Use this same scale to rate a dozen homes that are all similar in features and neighborhood, and get a powerful analytic for comparing value. Call me to discuss!