Why It’s Smart to Be Nice to Appraisers As I’ve written previously (“Appraisers vs. Realtors vs. Trulia“), Realtors active in an area will often field calls from appraisers trying to establish the value of similar, nearby homes. Whether the bank they’re working for is considering a new mortgage or refinancing an existing one, the questions...Read More
“Fat” and “Skinny” Comp’s Due to the lack of good Comp’s — an issue I’ve raised repeatedly on this blog — both appraisers and Realtors find themselves digging for more info on the ones that they do have. So, I’ve been fielding more calls than usual from appraisers who want to debrief me on the...Read More
“Active’s” Loom Larger in Pricing Decisions Realtors and Appraisers alike rely on “Comp’s” — comparable sold properties — to estimate fair market value for any given home. By definition, a Comp is similar in style, condition, and size as the “subject property” (the one you’re trying to price); is physically nearby; and has sold in...Read More
What’s it Worth? Who Wants to Know? Pricing well is one of the most important skills a Realtor brings to the table. In turn, that depends on knowing which “comp’s,” or comparable sold properties, to choose. As defined by both Realtors and appraisers, the comp’s are the three homes most similar to the “subject property”...Read More
Misconceptions About “Comp’s” Perhaps no other term in real estate seems so straightforward, yet is so commonly misunderstood, as the term, “comparable sold property (“comp” for short). As Realtors and appraisers use the term, a comp has a very specific — and narrow — definition: namely, a recently sold, similar property that can be used...Read More
Is Zillow Getting Smarter?I’ve discussed third-party real estate sites such as Zillow and Trulia previously on this blog (“Trulia Hits — and Mostly Misses“; “Zestimates Wildly Off-Target“). The verdict? In most cases, you’d be better off throwing darts to establish your home’s value. That’s because publicly available housing statistics — and dated ones at that...Read More
