Tag

comparable sold property

“Help! My Property Taxes are Too LOW”

Property Tax Assessed Value vs. Fair Market Value Hard as it might be to imagine, there’s actually one scenario where a home’s property tax value can be too low: when it’s about to go on the market. While the assessed value isn’t something that Realtors and Appraisers take into account to determine market value ”...
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Getting the CMA** ” and the Lender’s Appraisal ” Right: Big Adjustments = Dubious Adjustments

He Who Adjusts Least Adjusts Best” When it comes to pricing a home off of Comp’s (“Comparable Sold Properties”), the trick is to minimize both the number and absolute magnitude of the adjustments. The ideal would be a condo identical to its peers in every respect ” floor plan, size, condition, location, market conditions, etc....
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Why Historical Cost + Improvements ≠ Fair Market Value (Usually)

Seller Misconceptions “Sunk Cost”:  a retrospective (past) cost that has already been incurred and cannot be recovered. —Wikipedia What Sellers paid for their home ” and how much they subsequently put into it (for improvements, updates, etc.)  ” are important psychologically.* And, depending on how much the would-be Seller currently owes on their home, the sum of their cost + improvements...
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Competing in Multiples: What’s the Right Price to Offer??

“What You’re OK With If You Get It . . . . & What You’re OK With If You Don’t” One of the most fraught questions Realtors field has to do with multiple offers. Specifically, it’s stressed Buyers beseeching their agent, “What the $%#@! do I offer?” I don’t know about other Realtors, but after...
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Why the Neighbor’s House Usually Isn’t a Comp (“Comparable Sold Property”)

Comparing Honey Crisps to Braeburns One of the more quizzical looks Realtors get is when they (try to) explain to a prospective home Seller that their neighbor’s house isn’t a “Comp” (Comparable Sold Property). In plain English: it isn’t relevant ” at least directly ” for pricing their home. For the uninitiated, a Comp is...
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Did the Home Seller Get a Good Price? The Absolutely, Positively Single Best Way to Tell

“Outlier” Comp’s — Both High & Low Wanna guess the single best way, bar none, to know for sure the Seller got a (very) good price for their home? It’s not whether the house sold especially fast, for full price (or higher!), or even received multiple offers. All those metrics can be misleading, for a...
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