Define comparable real estate sales right in today's unique marketEach property sale is unique so it might be difficult to find comparable sales data for your client's home or business property. To get the right mix of comparable sales you may need to search outside of the regular sales lists.
You want to get the most accurate comparable property sales for your client. Whether it is comparable home sales, business property or rental, you always need to keep several things in mind in order to make the best comparative sales analysis:
- Area where the comparable properties are located
- Condition of the property
- Size and style of the construction of the structures contained on the property
Find similar properties for your comparative sales analysis
Know the comparable sales locationWhen doing a comparative sales analysis, you need to know the benefits of the region and the relative home sales climate of that particular locale. Even though property values may soar in one borough or township, just minutes away you may find neighborhoods that are in decline.
Get a property inspection to establish comparable home sales prices and business sales pricesInspecting a property or home is the only way to identify things like termite damage and foundation problems, both of which do severe damage to the value of the property. Consider properties with those same specifications to get an apples to apples comparison by getting a home inspection done. This way you'll know as much about the property as possible and so will your potential buyers.
- Take a drive to that locale and visit the property and its neighborhood. A quick drive through the town sometimes tells you more about comparable properties than statistics can.
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