When you submit a listing for approval on Just 3K, you will first receive what we call a Property Evaluation. This article will help you understand what is in it, what is not in it, and what listing on Just 3K can do for you.
On the first page, you will get a sheet that outlines what we think your home is worth based on comparable homes that have recently sold or are pending or currently for sale in your home that are most similar to yours.
This is similar to what appraisers do in their model, except that appraisers can only use closed listings in order to arrive at a price.
Typically we use the 3 closest comps and adjust them based on factors that are different than yours, such as square footage, how recently it sold, whether or not it has a pool, upgrades that are different, location (next to a road, park, open space, etc.) or any other factors that affect the value of the home.
We find the homes that are most similar to yours that have sold most recently, usually within the last 6 months. When homeowners look at sales in their neighborhood, this is usually where they struggle the most. Since appraisers are always going to use the homes that are most comparable to yours in terms of it’s size, location, and age, these are the comps we use when figuring out our suggested list price as well.
What most people do when they are looking at homes in their neighborhood is they pick the homes that have sold for the most, then they multiply that price per sq. ft. x the square feet of their own home, and that is how they arrive at a number. This is not how value is arrived at by an appraiser, and since most homes get purchased with loans, this is not a good way to figure out a value for a home.
We start with the comparable and most recent sales, and then start to make adjustments based on every factor that has value in a home. This could be upgrades such as counters, paint, location such as backing up to a major road or freeway, pool, no pool, recent paint or updates, and sometimes just general maintenance of a home.
This process is not automated. It usually takes us 2-3 hours per home, and we try to get the results back to you within 24 hours, but please allow up to 48 hours for your fully detailed report to come back.
The next page will contain a comparison of our projected net proceeds by selling on various avenues, including cash buyers (with your consent we will solicit offers from major companies on your behalf), the MLS (we use 6% typical fees for selling but these are not set and vary from one agent to another), and on our site.
This page will contain our suggested list price and the max list price allowed to be listed on our site. Although we do not represent you and cannot tell you what to list your home for, we strive to make sure all homes on our site are an excellent value in order to make the buying experience smooth for the buyers coming to the site.