When making an offer for a property, it is important to be familiar with recent sales of comparable properties. Sold listings are more useful than active or pending listings because market value for a particular home is determined only when a buyer and seller complete a transaction.
We are pleased to prepare a comparative market analysis for all of our 1.5% Option clients. Hopefully there will be at least a handful of nearby, recently sold, comparable properties that we will be able to use. In a market with low inventory, however, we often cannot find recent “comps” and are forced to use somewhat similar homes and make adjustments for differences between the two properties.
These could include:
- an additional bedroom or bathroom
- a pool
- an updated kitchen
- a larger lot
We will look at the subject property and the comp side-by-side and make additions or subtractions accordingly. We do our best to provide as much information as possible so that you can develop a comfort level for the market value of a particular property. Lastly, all buyers who are financing their purchase will benefit from an independent appraisal prior to the close of escrow and cash buyers are encouraged to obtain one as well.