Saturday, June 21, 2014

How To Value A Subject Property On Homequant Site



Click on the County name on homepage (e.g. Queens, NY), in which the subject is located, to access the Valuation screen. Then follow these three steps to value a specific subject:

Step-1 (Define Subject)

Subject definition has two parts – physical location and attributes:
  1. Select subject’s City/Town and Zip Code from the drop down
  2. Enter subject’s Street Address (i.e., 123 Main Street) and click on ‘Validate Address’ (which will pop-up as you type the address. If the address is found in Google Earth, a green arrow will confirm the match)
  3. Enter subject’s Land area, Bldg area and Age (i.e., 4000, 1500, 65)

Step-2 (Selection and Dollar Adjustments)
  1. Enter the Comps’ Selection ranges (defaults are 20% - change as appropriate – variable ranges for Land, Bldg and Age are allowed)
  2. Enter Comps’ Adjustment coefficients (defaults are Land SF $10; Bldg SF $100 and Age $1000 based on national average price of $250K, 5000 Land SF and 2000 Bldg SF. Ideally, you should use our Sales Query to check your town’s Land, Bldg and Age stats so you can enter the appropriate dollar coefficients)
  3. Select a Search Area – 1 to 5 miles – from the drop down (default is 1 mile area).
  4. Select a Time Adjustment % (positive or negative representing your local market – default is .5 meaning 6% annual growth assumed)
  5. Select a Valuation Date (forward, backward or current – default is the current date; all sales will be time adjusted to the Valuation Date)
  6. Choose a Ranking method to rank the final five comps in comps grid later (default is Sale Date) and click on ‘Go’

Step-3 (Selecting Final Five Comps)

At this point, based on the selection provided, up to ten best-matched comps will be presented in a tabular format (with the pertinent data) as well as spatially. FYI – five comps will be needed to value a subject in our system. If less than five comps are returned, consider widening the distance and/or selection ranges and click on ‘Go’ again.
  1. Tabular output – Use the sort button next to the column header to sort the output and arrive at your final five. Selection can be random. They will be properly ranked inside the grid based on the ranking method chosen before.
  2. Spatial output – The selected five will be displayed in Green while unselected ones will remain in Red. If you want to deselect one, click on it and it will turn Red. Now as you select a previously unselected one, it will turn Green from Red. The table will be updated automatically.   
  3. Click on ‘Accept’ and the Grid will appear. If you ‘Reject’ you have to start over.

Note - if you are using Homequant's Mobile Apps, Step 3 is not relevant as the internal algorithm will automatically generate the five comps based on the selections and adjustments provided.

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Thanks,

Sid Som MBA, MIM

President
Homequant, Inc. 
contact@homequant.com