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
The Art of Doing Comp’s I’m working on an assignment for a client now that’s proving devilishly difficult: identify the premium associated with a home on a small, metro lake so that it can be priced appropriately for sale. The lake in question isn’t Lake Minnetonka, Lake of the Isles, or other “marquee” name. Rather,...Read More
The Goldilocks Approach to Appraisals Just like Goldilocks preferred the porridge that was neither too hot nor too cold, appraisers like to see a home that prices in the middle of its peer group. In appraiser lingo, such a home is said to “bracket.” In plain English, that means it’s priced more than a slightly...Read More