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Researching the sale price of homes comparable to your own (comps) is a good way to get a rough idea of your home's current value.

True
92%
False
3%
Not sure
4%
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Question: Researching the sale price of homes comparable to your own (comps) is a good way to get a rough idea of your home's current value.
Top Answer (92% of 174 votes): True.

Answer: True
Explanation: Its a good way to know what's happening to home prices where you're located.
Ron Rodgers- Ryan Real Estate
Answer: True
Explanation: It can be true but a lot of research and understanding into what makes a good comparable sale. For instance I just filed a rebuttal and won against a licensed appraiser who was more concerned with a model match than relevance. The model matches were over a year old while sales prices increased over 10% in that time. The current no model matches were more appropriate comparable.
KF Home Sales @ Quality First Real Estate Group
Answer: True
Explanation: A good real estate agent will provide a comparative market analysis, as part of the educational process of the transaction. It is important to understand the market and what is a reasonable expectation for the sale of your home.
Nest Atlanta Real Estate Group
ProMatcher
Answer: True
Explanation: similar homes when you refer to comps.
A Q Appraisals
Answer: True
Explanation: Comparative method
João Pelayo
Answer: True
Explanation: yes
AEXACT APPRAISAL COMPANY
ProMatcher
Answer: True
Explanation: Don't forget to look at the pictures and ask yourselves Is our home better or worse than this comp? Also make sure the comps are in your same or similar neighborhoods.
RE/MAX Realty Group
Answer: False
Explanation: you could get an idea of what your home is worth on your own, however getting a Comparative Market Analysis from a Realtor is best, as they have more data to choose from.
Your Husband & Wife Real Estate Team with Charles Rutenberg Realty
Answer: True
Explanation: This is a good start, however, your local real estate agents should know more about the comps than the listing information shows and can get you a more in depth analysis of what your home should list for.
Keller Williams
ProMatcher
Answer: True
Explanation: There is a good chance that an appraiser will be using the same comparables as your agent does, and is a good indicator of value. Comparables should be within the same neighborhood if possible and be a current sale.
RE/MAX Results
Answer: True
Explanation: Unless you have uncommon home, the best way to find the a rough idea is what similar home to yours in your neighborhood have sold for in the last few months. Please note these are sold homes not active homes om the market these maybe over or under priced.
Home 2 Home Services, Inc.
Answer: True
Explanation: No explanation needed! Have your agent provide you with the comps!
Rodeo Realty
ProMatcher
Answer: True
Explanation: When buying a home you must research the value and title so that you know your looking at a clean deal and that the value is what you paying for. So be sure it's the actual value not inflated value.
Buyers Sellers Network
Answer: True
Explanation: This can sometimes be true for single family houses, in areas where the houses are very similar, and price ranges are narrow. However, the comparable sales available in on-line services are not comprehensive. Many sales that have taken place do not show up, and the information about the sales is limited, so that a proper comparison analysis may not be possible. For property types other than single family dwellings, there is a lot more involved than comparing comparable sales, so, I would not recommend it as a reliable way to determine a rough value range.
Todd G. LiPira, SCGREA
Answer: True
Explanation: This is referred to as a comparable approach which is the preferred method used in establishing value for single family residences. This method allows you to compare homes that have sold in the most recent past,typically six months, and are like-kinds and provide the purchasing price buyers were willing to pay during a specific time period.
CRG
ProMatcher
Answer: True
Explanation: Because that is the appraisors use as well to determain your home value.
Re/Max Elite Realty
Answer: True
Explanation: It is not an exact science but the market approach does give a good comparable.
Askew Realty
Answer: True
Explanation: Comps is what the appraiser is going to use as well in order to find your value. You don't want to have a low appraisal because you are over priced.
Cutler Real Estate
ProMatcher
Answer: True
Explanation: I am certified as a PSA--- Pricing Strategy Advisor. I am able to compile Comparative Market Reports to mirror Appraisers which assists greatly in pricing listings for my Sellers and Buyers
Prudential Florida Realty
Answer: True
Explanation: Although it is not an appraisal it is the most likely average dollar amount you will get for your home...the market never lies...
Coldwell Banker
Answer: True
Explanation: Texas is a non-disclosure state, so the information on sales prices may not be readily available to all. Asking a Realtor is the safest bet.
Re/MAX Southwest - The Jackson Group
ProMatcher
Answer: True
Explanation: Yes, I always do comps on homes for both my Sellers and my Buyers.
EA Realty LLC
Answer: True
Explanation: OMG --- Your conclusion is only as good as the skills and experience and quality of similar homes you find. Comparable sales have VERY PRECISE definitions. Distance from the subject, Recent "arms length transaction" and about a thousand other variables are significant when it comes to REAL comparables. Engage an expert, or risk looking stupid. Real stupid!
Keller Williams Realty
Answer: True
Explanation: Using the recent sales of comparable homes is a good way to get a ROUGH idea of what a property is worth, but it is not the only factor used when determining the best pricing strategy when selling the home. Of course, an evaluation of a property's current market value is only as good as the sources of information used to come up with this professional market value analysis. There are many factors that go into the estimate of a home's value. We take into consideration the property's condition, the time of the year in which it is being sold, the proximity to all desirable neighborhood features, the taxes on the property, the location, recent sales, projected sales, market trends, neighborhood changes, legislation, status of the economy, and over 50 additional factors when determining the value of a home. #rosarioshalomayevteam #glrosario
Coldwell Banker Kueber, Rosario Shalomayev Team
ProMatcher
Answer: True
Explanation: This can give you an idea, however with a comparative market analysis with an agent will be more accurate because active, sold, withdrawn homes are all used to compare.
Coldwell Banker
Answer: True
Explanation: Experience is experience...best medicen
LandPro Real Estate, Inc.
Answer: True
Explanation: Not only is it good to know the value of the homes comparable in your area but it will save you time and money by aiding in correctly listing your home for sale.
Kea Interiors
ProMatcher
Answer: True
Explanation: That is part of the research. Searching the area you are considering to list or buy goes not only by price, the location, size and improvements are also a factor.
@properties
Answer: True
Explanation: As a former licensed real estate agent and mortgage originator, competitive market analysis is one tool to establish valuation.
PreConstruction Catalysts Inc
Answer: True
Explanation: You have to be sure the comps are truly comps. A REALTOR in your neighborhood would be a better source of comps than a website whose data is outdated before it ever gets posted.
S & S Southwestern Management
ProMatcher
Answer: True
Explanation: How else do you know what your home is worth?
Lindhaven Properties, LLC
Answer: True
Explanation: The local comparables are usually a great indication of the local market conditions.
Keller Williams Realty
Answer: True
Explanation: Most recent comps will give you an idea of what the home value is.
REMAX White House
ProMatcher
Answer: True
Explanation: Once a home has closed in your track that is the most current comp for your area. Usually comps are only good for 6 months to be accurate and you always want to make sure it is a similar match. (room count, square footage, bath, etc)
Realty One Group
Answer: Not sure
Explanation: Your real estate agent has access to sales data and will run the competitive market analysis for the seller.
Craig Hall/Keller Williams Realty
Answer: True
Explanation: The only way to know is with comps, sold listings are a strong indicator for pricing to sell in current market conditions.
Saunders & Associates
ProMatcher
Answer: True
Explanation: It never hurts to research comp sales.
Sacramento Valley Appraisal
Answer: False
Explanation: We are experts at home evaluations, there is no easy answer to this question.
RFG Equities, Inc.
Answer: True
Explanation: This is true, but it is best to hire a real estate agent so you get the real info - don't trust online sites.
John L. Scott - Lacey
ProMatcher
Answer: Not sure
Explanation: it all depends
Corryn Appraisal Services
Answer: True
Explanation: I am a licensed REALTOR in addition to a licensed home builder/remodeler in my state so I am highly unique in this industry and have exclusive access to vital real time data in a quick and easy process for me to provide to my customers. My qualifications give me the abilities to provide extremely above average service and intelligent reports to my customers that no other competitor in my area could come close too. I have worked hard to corner all these industry resources and organization memberships though as part of my plan to give my customers more than anyone else.
Icon Homes LLC
Answer: True
Explanation: Comps are the best way to determine home values.
Fortius Consulting
ProMatcher
Answer: True
Explanation: Yes, for a rough idea. A broker will be able to pull real stats from the MLS and do an actual CMA to help get the best pricing. BUT it's always your choice what to sell for.
ProStead Realty
Answer: True
Explanation: You should always know the comps when making an offer.
Reliant Realty-Powered By ERA
Answer: True
Explanation: This is a must to get an accurate market price for your home.
Keller Williams Realty Partners
ProMatcher
Answer: True
Explanation: This is how I determine what a buyer is willing to pay for your home. A home is only worth what someone will pay for it.
Berkshire Hathaway HomeServices Myrtle Beach
Answer: True
Explanation: Researching the sale price of homes comparable to your own is a good way to get a rough idea of your home's current value.
Provost International Realty
Answer: True
Explanation: But leave the true comparative market analysis to a professional.
Rector Hayden Realtors
ProMatcher
Answer: True
Explanation: Depends on specs and variables, should always refer to a certified appraiser.
iCORE Global
Answer: True
Explanation: Comparable sales is the primary and most widely used methodology used to establish value for owner-occupied residential property.
OfficeTenantAdvisors.com (Giles Commercial Realty Group)
Answer: True
Explanation: Unless you live in an area where comps are being faded out and not used.
ORCVirtual, Inc.
ProMatcher
Answer: True
Explanation: Knowledge is power and you can be best prepared by having a market analysis done on the property which you are thinking of purchasing or selling.
Coldwell Banker
Answer: True
Explanation: True, however, context is very important and there are numerous variables that can affect your properties value.
TriCoast Appraisal, LLC
Answer: True
Explanation: The comparison method is one of three methods used by an appraiser.
KJ Wood Home Inspections
ProMatcher
Answer: True
Explanation: This is true but there are other factors involved. A Realtor can pull true comps and adjust for things such as upgrades, sq footage etc, and any seller concessions given to the buyer.
Keller Williams Partners SW
Answer: True
Explanation: Yes, but you must know what to look for. Many times people say the house down the street sold for $X.XX however they do not know that it is completely updated on the inside and bigger than theirs and has sold over a certain time ago, etc. There is a lot that goes into picking comps, not just that it is close to you or like yours on the outside.
Comprehensive Appraisal Solutions
Answer: True
Explanation: However, many property owners are unfamiliar with all the nuances involved with what is, and is not, a comparable property. There are many elements of comparison that are not readily apparent and could result in a misunderstanding as to the value of your property. Looking at other homes is always part of the process. However, if you want a true assessment of the market value of a piece of real estate you own, I suggest that you engage a licensed real estate appraiser.
Trusted Appraisers Group (NC, SC, GA)
ProMatcher
Answer: True
Explanation: This is what our system of market value is based on.
Reece Nichols-Mary Wilcox
Answer: True
Explanation: This approach can give you an idea of the comparable market value of the home if it is in comparable condition to the homes included in the analysis. M
Axiom Inspections pllc
Answer: True
Explanation: This is a great way to start the process of learning what your home could be worth. This will not of course dictate the actual amount the home seller will actually receive but it helps with associating a real number with the process of selling their home.
Keller Williams Realty Atlantic Shore
ProMatcher
Answer: True
Explanation: The market will set the price according to the current trends
Advance a Realty Specialists
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