Knowing the fair market rent
for similar properties in your area will give you a good idea whether or not you need to adjust your rent price.
Not exact matches
The best way is to check out comps — what
similar properties are selling
for in the
area — «and whether those prices have been going up or down
in the recent past,» says Felise Eber, a Miami Beach real estate associate with Coldwell Banker.
Therefore I will have to use two different
properties with
similar characteristics and located
in the same
area for my article.
Make sure you keep any valuations from estate agents and keep adverts
for sales of
similar properties in your
area in case there is a dispute
in the future over the price
for which the lender sold the
property.
You can research the
areas you're interested
in, set daily alerts
for new
properties and compare
similar properties.
He helped found the ODR system now part of Consumer Protection B.C., and he's working on
similar initiatives
in areas like the recently launched
Property Assessment Appeal Board ODR tool
for residential appellants.
You need to do some market research to find out how much the investors
in your
area are paying
for similar properties.
Similar to a home inspection that can reveal flaws
in a
property, Gallegos maintains that energy audits, where blower door tests and infrared technologies are used to diagnose the energy efficiency of a home, are an equally important tool
for homebuyers because they can reveal
areas in a home that waste energy which means higher costs.
I currently have a growing
property management company consisting of about 250 units
in the Dallas / Fort Worth
area and I am looking
for owners of
similar sized companies to network and brainstorm growth strategies.
The most banks, and particularly Humongus make a distinction between the market value of a
property (the value of a
property in relation to
similar properties in the
area and the price that the buyer and seller agree is «fair» and «reasonable») and the
properties value
for mortgage purposes (the discounted value that the bank will accept
in granting a mortgage).
I own rental
properties in alpharetta
for last two years and would like to get to know folks
in this
area with
similar interests.
In my opinion, for the condition of the property it was priced alright for the area, the thing that was preventing it from selling was the very high property taxes (much higher than similar properties in the area), and I don't think the broker really marketed the property very wel
In my opinion,
for the condition of the
property it was priced alright
for the
area, the thing that was preventing it from selling was the very high
property taxes (much higher than
similar properties in the area), and I don't think the broker really marketed the property very wel
in the
area), and I don't think the broker really marketed the
property very well.
For example, you can now impress them by addressing everyone at the listing presentation by name because you already know their names, and showing your knowledge of the seller's
property by saying, «I've researched other homes
in this
area that also have three bedrooms and two baths with
similar upgrades to your home, and here's what I found...»
CMAs give an overview of what is actually happening
in a particular
area, such as the percent of list price that sellers are receiving, current inventory
in the
area and days on market
for similar properties.
When to Ask
for a Reassessment If your home assessment is based on
similar properties, then check on sales of homes
in your
area.
Investopedia advises landlords to find out what
similar properties in the
area are renting
for,
in order to price yours accordingly.
Direct Mail & Email — I continually send out updates and information
for your listing on a weekly basis to agents
in the
area (with a personal focus on those agents who do the most business with
similar properties).
Check the market rate
for rent
in your
area by checking with
property managers who handle
similar properties, asking real estate agents, and looking at rental advertisements.
The private lender reviews the price, how much the improvements will cost and what the final value would be based upon a fully rehabilitated
property, as compared to what
similar properties are currently selling
for in the
area where the
property is located.
The gross rent multiplier is best used when compared to other gross rent multipliers
for similar properties located
in the same trade
area.
If your rental is drawing
in the kinds of applicants that you are looking
for, talk with your
property manager to ensure that the asking monthly price is competitive and compares to other
similar properties in your
area and that are relatively the same age.
Based on an acquisition price of $ 1,000,000, the resulting gross rent multiplier
in year 1 is 5.93 x. By itself this doesn't tell you all that much, but suppose you've been underwriting several other office buildings
for sale
in the same
area and you have determined that the average gross rent multiplier
for these
similar properties is 5.00 x.
We take into consideration what
similar homes have sold
for in your
area, the current market conditions and the condition of the
property.
The amount is determined by how much renters are able and willing to pay
in your
area, and the best indicator is what other landlords are charging their tenants
for similar properties.
Hi Ingrid, yes we did look up
similar homes
in the
area and yes they do have pantries, we just weren't sure if it would increase the value to the
property, but we updated the kitchen with granite counter tops and have painted the cabniets we invested
in the kitchen close to $ 3k, only because the cabniets are
in very good condition I just painted the cabniets and the kitchen walls and hired a pro
for the granite $ 1500
for the slab and intallation, and we got gently used stainless steel appliances.
Similar properties in the
area rent
for $ 850 per month.
Comps are recently sold (or are up
for sale) houses
similar to your subject
property,
in the same general
area.
There is a tendency
for home prices, and generally
property prices,
in sub-markets within the same metropolitan
area to follow
similar movements but at somewhat different timing.
The agents are out there
in the local housing market day
in and day out so they'll have a good handle on how much
similar properties go
for in the surrounding
area.
The best cash buyers are individuals who have bought
similar properties for cash recently
in the same
area.