Split-Level Homes – Adjusting for Style
As you know, ranches tend to sell for more than a similar sized 2-story and 2-stories tend to sell for more than a similar sized split level.
When I am valuing a split level, I typical search for non-ranch style homes similar in total square feet. The reason I use total square feet when searching the MLS is that not all listing agents treat the size of split-levels the same.
Appraisers have to follow ANSI standards which require any below grade area as a basement. It is best to compare the same style, but in some cases due to lack of data we have to compare homes of different style.
If the most likely substitutes for the subject property includes properties that differs in style, I would search for sales to pairs to compare to determine a market reaction, if any, for the different style.
If you are listing a split-level, in an area of primarily ranches and two-stories and struggling with any market reaction, please give me a call and we can tackle it together.