Hey, everybody. This is David Bokman, the owner of Philly Home Investor. We’re based out of Philadelphia, Pennsylvania. And we buy, sell and rebuild real estate all over the Southeastern part of Pennsylvania, South Jersey. And soon, we’re going to be expanding into the Southwest Florida region. One of the questions that we get asked all the time is, how do you determine the value of a property that we’re looking to buy
One of the things that we do to determine the value of your home or property or land, whatever it may be, is looking at other properties that have sold in the area, in the exact same condition as your property. And that takes a little bit of work. We look at all the properties that have sold, usually within the last six months. And depending on where you are specifically in Philadelphia, it may be blocked by block.
You have to understand that a house a mile down the road is not the same value as your home. Generally, it’s in a 0.2 to 0.3-mile radius at most, especially in the cities. So after we compare other homes that have sold similar to yours, then we look at, what have properties sold for that had been completely renovated? And then also, we look at, what is the potential cost that it’s going to take to renovate your property? After we factor in all of those things, along with closing costs and transfer tax, that is typically how we provide an offer on your home.
We don’t just pull a number out of a hat. And obviously, there are a lot of costs when it comes to construction and fees for the city. So we do our best in making a fair cash offer. Once again, if you have a property that you’re looking to sell in the Philadelphia region, feel free to reach out. We’ll give you a fair, no-obligation cost quote on your property. Thanks and have a great day, and enjoy these holiday seasons.