As far as GLA goes, I think one might be making a mistake limiting your adjustments to 100sf or more. What if it is a 600 subject? I think a difference of 75 more sf would be a big plus. On the same token, On a 8000 home, I think 100sf difference is not a large enough number. Remeber a few things here, first, we are to be measuring how a typical buyer reacts to items of major difference. First, unless you measured those comparable sales, how reliable is the GLA. Second, could a typical buyer find the difference in GLA between the subject and the comp? I start at 10% and go up. (Except in very small homes where I might go to 3%) If there difference is less than 10% I dont adjust. Simply due to the error in GLA reporting. I have spent alot of time talking with brokers and buyers about how buyers "see" homes. Often, in a price range, they will be looking at very similar sized homes and it usually comes down to location, amenities, (garages/fireplaces) and condition. GLA is rarely a factor if one is using truely comparable homes. Knowing this, why would one elect to use comaprable sales that needed GLA adjustments? I know it is not always possible to to use ones that do not, but put yourself in the buyers mindset. What else would you have looked at if you bought that home.
As far as rounding goes, I always round. How many sales in yourMLS are for $101,213? I bet you dont even have many that are at $101,000. Look at your sales. HOw did the buyers buy the properties? How did they round their offers? If you are supposed to be estimating the most probable sales price in an open market, than why would you come up with some off the wall number when it is rare for a property to sell that way?
