The sales prices
of comparable homes in the area are averaged to determine the assessed value of the property.
After you find the right home, your real estate agent will help you come up with and negotiate an appropriate offer based on the
value of comparable homes in the same neighborhood.
Simply fill in your information below and I'll get back to you shortly with a detailed
report of comparable homes in your area that have recently sold or are currently for sale.
They can give you an
idea of comparable homes in your area, so you don't spend too much on improvements and recoup too little of your costs.
And, those who do assign value have little data in
terms of comparable home sales to determine the exact value to assign to the home.
A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on
sales of comparable homes in a neighborhood.
After you find the right home, your real estate agent will help you come up with and negotiate an appropriate offer based on the
value of comparable homes in the same neighborhood.
The sales prices
of comparable homes in the area are averaged to determine the assessed value of the property.
Comparative Market Analysis (CMA) A survey of the attributes and selling
process of comparable homes on the market or recently sold; used to help determine a correct pricing strategy for a seller's property.
A comparative market analysis is an
evaluation of comparable homes sold in your area based on location, square footage, kind of home and several other factors that are similar to the home you are selling within 3 - 6 months of past sales.
Lynn Pineda: Excellent way in which to describe a true comparable home, in that, if the subject property wasn't available for sale, would a Buyer consider purchasing one
of the comparable homes as a replacement.
However, price changes DO change values over time because appraisers use prices or sales
of comparable homes during the previous six months to make an appraisal.
Home values are influenced by a wide variety of factors, including location, the
value of comparable homes, amenities (e.g., kitchen or bathroom upgrades, a pool), the condition of the home, the neighborhood (e.g., surrounding homes, nearby businesses), the school district, crime rates, etc..
It is important that the asking price of the home is what is considered to be a fair market value based on key elements such as the home's size, condition, location, the current property market conditions and the selling
prices of comparable homes in the area.
Before making an offer, check the recent sales prices
of comparable homes in the neighborhood to see how the seller's asking price stacks up.
During the appraisal, a licensed appraiser will take inventory of major systems (i.e. HVAC, plumbing) and the structural integrity of the home, and they will check the prices
of comparable homes in the area.
A 2009 study by CEOs for Cities looked at 94,000 real estate sales
of comparable homes in 15 major markets.
To assess a home's value, an appraiser considers these main criteria: location, structural condition, additions or renovations, and recent sales
of comparable homes, or comps.
Look online at listings for homes that have sold recently, or look for figures on recent sales in your neighborhood or
of comparable homes.
If local home prices are increasing rapidly you can set your asking price higher than the recent sales
of comparable homes.
This is when an appraiser will look for at least 3 recent sales
of comparable homes that have sold recently.
Check the selling prices
of comparable homes... Read More >>
During the appraisal, a licensed appraiser will take inventory of major systems (i.e. HVAC, plumbing) and the structural integrity of the home, and they will check the prices
of comparable homes in the area.
For example, if the comparable property has a fireplace and the subject does not, the appraiser may deduct the value of a fireplace from the sales price
of the comparable home.
There are several steps taken by an appraiser to determine a property's value, which include visiting the property in - person and reviewing recently - completed sales
of comparable homes.