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.
The appraiser will go by recent sales
of similar properties in the area as a guide.
SmartAsset points out that considering the rent
of similar properties in your area can help you avoid charging rent that's too high, which can make it difficult to find quality tenants.
Not exact matches
They include a case study
of a client named Paul who parlayed equity
in his downtown condo into 20
similar properties in the same
area, resulting
in $ 10,000 a month
of positive cash flow.
This is so they can judge the current value
of the
property accurately, and so give you the most up to date quotation regarding how much you can borrow against the
property.The appraisal will inspect the internal and external up keep
of the
property, the quality
of local amenities and services
in the local
area, and the recent selling price
of similar homes
in the vicinity
of your
property.
Whether you're eyeballing investment
properties in one
of Zillow's hottest real estate markets or looking at other
areas with
similar attributes (income, rent and population growth, low unemployment, etc.), market appeal ultimately depends on your personal investing criteria, according to Beasley.
The biggest selling point
of foreclosed homes is,
of course, their marked - down price — often significantly lower from other
similar properties in the same
area (known as comparables, or comps,
in broker - speak).
The very fact that results from boreholes
in various parts
of the world, drilled through rock
of different thermal
properties,
in areas of demonstrably different thermal gradients, show remarkably
similar results, might indicate more wishful thinking than science.
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.
We will investigate whether there has been a history
of similar accidents or crimes that have occurred
in the
area or on the premise and whether the
property owner or manager could have (or should have) done anything to prevent your injuries.
Owners
of an investment
property, maybe
in a resort
area, or someone who is renting out their home while trying to sell it, typically want insure it with a policy
similar to what they have on their full - time residence.
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.
Help your buyer understand all the related facts
of sales
in & around the
area of similar properties.
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 comps should compare other
properties in the
area that are
similar in age, lot size, condition, number
of rooms, number
of bedrooms and baths, garage, and basement.
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).
Buyers also want to know which part
of the market the center serves, who the tenants are, what kinds
of rents are currently being charged and how they compare to
similar properties in the surrounding
area, as well as how much competition is out there.
Factors that are included
in a CMA would be the average price per square metre
in the
area, recent sale prices
of similar homes and comparative prices
of other
properties that are still on the market.
«Because a resident is acquiring the right to occupy the
property, but not a full ownership right, the purchase price
of a life right may be lower than a house or apartment
of similar size
in a comparable
area,» he explains.
In my listing presentations, I point out the most recent sales, expired listings, the prices
of similar listings, and the average number
of days that
area properties are on the market.
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.
Comparable Sales Recent sales
of similar properties in nearby
areas and used to help determine the market value
of a
property.
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.
Through the Comparative Market Analysis, I can evaluate the prices
of properties similar to yours that have recently sold
in your
area.
Now when working on deals you can load your GeoWarehouse report and MLS listings into Dropbox and when on the go use your real estate apps to pull up information about the
property's history, sales
of other
similar homes
in the
area, neighbourhood demographics and more.
We take into consideration what
similar homes have sold for
in your
area, the current market conditions and the condition
of the
property.
My estimate was based on
properties of similar size
in the same
area And yes definitely will get a full inspection
of roof / house before purchasing Appreciate your input
These include the condition
of the rest
of the house, the value
of similar homes nearby, and the rate at which
property values are changing
in the surrounding
area.
Ask friends and family, post on social networks or introduce yourself to the owners
of properties in the
area who are having
similar work done.