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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
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False
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Not sure
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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 (90% of 208 votes): True.

Answer: True
Explanation: The Market really drives the sale of homes. We are unique here in SWFL, in our non-Gated communities, all of the homes are custom so understanding their uniqueness is vital to accurately valuing a property.
Premiere Plus Realty Co
Answer: True
Explanation: Most people are tech savvy and typically know the home value before an agent comes out to meet them. Their is so much information on the internet today for them to have a rough idea.
Remax Platinum
Answer: True
Explanation: Comps are a good way to get a rough idea of the value of your home. However, you must use accurate comps in terms of number of bedrooms, bathrooms and square footage. You must also take into consideration the condition of your home.
We Buy SJ Homes
ProMatcher
Answer: True
Explanation: Zillow or Trulia can produce a rough idea of your homes value. But if you need an appraisal for a specific purpose, there is no other way to have proper backup. Emailed PDF or in Black & White on paper.
Finite Solutions Inc.
Answer: True
Explanation: Public data on homes values often take the " average" value of many sales. Such method does not take in consideration the condition of each house and the general appeal of the floor plan.
Wall Street Appraisal
Answer: True
Explanation: Finding other like and similar properties to your own that have sold in the fastest duration of time for the right price is a key ingredient to the seller's success.
eXp Realty/The Escalante Group
ProMatcher
Answer: False
Explanation: When researching for comparable sales to utilize -we considered such factors as the comparables' relative proximity to the subject property, recentness of sale and overall similarity to the subject property, in order to reconcile to the final estimate of the value of the subject property by the Sales Comparison Approach. The Sales Comparison Approach typically reflects the actions of knowledgeable buyers and sellers in a market are however there are other approaches to value that may be appropriate to consider.
Cascone Appraisals LLC
Answer: True
Explanation: Self due diligence is the first step
Real Estate Solutions
Answer: True
Explanation: This is the best way to see what the current market price of your home is. The market sets the price so it is crucial to have an accurate CMA done when getting ready to list your home.
Keller Williams Atlantic Shore
ProMatcher
Answer: Not sure
Explanation: The question is what is a comparable home? This is not such an easy question in Los Angeles. There are many factors that an Appraiser looks at besides homes that look just like yours. Sometimes the home you are thinking looks like yours have been improved way beyond typical improvements, or maybe your home was rebuilt and the homes in the area are original. These are all things a well trained certified residential appraiser looks at, in a addition to 20 plus other factors. If you need a rough idea for a sales transaction, divorce settlement, asset division situation you are better off hiring an appraiser than making a guess.
Pamela Evans
Answer: True
Explanation: The best way to know what your house is worth is to look at comparable sales around the area. Find out what houses are selling for around your neighborhood, also look at past sales and current listings.
Bay Home Relief - House Buyers
Answer: True
Explanation: Knowing whats going on in you neighborhood and paying attention to sales and listings are a good way to get a feel for the market.
Sunderman Appraisal Inc
ProMatcher
Answer: True
Explanation: That's how appraisers do it. They use comparable sales from the last 6 months.
Susie Bigelow - Premier Realty Group
Answer: True
Explanation: yes
AEXACT APPRAISAL COMPANY
Answer: False
Explanation: Leave it to a professional to determine the value of your home.
Louisiana Direct Home Buyers, LLC
ProMatcher
Answer: False
Explanation: Until you have the opportunity to actually tour a home thoroughly comparisons with tax records, square feet etc. are not reliable.
Keller Williams Realty
Answer: True
Explanation: Researching your own comparable sales is a good place to start. However, knowing which homes are truly comparable to yours and which are not is something that a professional appraiser or highly skilled local realtor would be best equipped to handle.
Residential Appraisal Associates
Answer: True
Explanation: The best wat to determine market calue is to study similar sales in your neighborhood.
Key Realty
ProMatcher
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: Like kind properties are typically the best data to use for comparison.
V.A. Solano & Associates, Inc.
ProMatcher
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
Answer: True
Explanation: It is a good way to get a ROUGH idea. However, there is a lot more involved in setting the correct price to market and sell your home. Agents do a lot of research to determine the market price of you home.
Myra Strickland Real Estate at KW
ProMatcher
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
Answer: True
Explanation: Doing a market analysis of the homes comparable to your own house square footage is a great way to know how much your home is worth because you can compare to the ones on the market and the ones that sold.
Rinehart Realty
ProMatcher
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
Answer: True
Explanation: This is a good way to get an idea of what your home should list for prior to meeting with and interviewing potential listing agents.
BeBe's Beauty (Jeunesse Global)
ProMatcher
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
Answer: True
Explanation: Be sure to remember that there are differences that have a value appeals to the typical buyer and that needs to be taken into consideration when performing a property valuation. For deeper discussion please reach out to us.
Accurate Appraisals USA
ProMatcher
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
Answer: True
Explanation: It's good to know what's on the market and how your market is performing. But sales are really the best indicator of what your home should sell for. supply and demand
Coldwell Banker
ProMatcher
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
Answer: True
Explanation: I am a Realtor
CSSCPSG-Judge:Vicente-B: Galindo
ProMatcher
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
Answer: True
Explanation: let your REALTOR pull comps for you, to make sure you have the latest data
TaylorMadeRealEstate.info
ProMatcher
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
Answer: True
Explanation: Not very accurate.
Finite Solutions Inc.
ProMatcher
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
Answer: True
Explanation: the more comparable, the better.
Real World Appraisal
ProMatcher
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
Answer: True
Explanation: This is really a true and false answer that has a lot of components that affect the value of your home. Searching recent completed sales on comparable homes will provide a rough idea of the current market value, but is not complete by any means. We'd be happy to explain further, this is a complex question.
Home Fax Inspections
ProMatcher
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
Answer: True
Explanation: It is a good way to get an idea, however the market shifts daily so it is necessary to not take this as the end all to be all.
Keller Williams Excellence
ProMatcher
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
Answer: True
Explanation: I will do a free Comparative Market Value of the sellers home
Coldwell Banker
ProMatcher
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
Answer: Not sure
Explanation: You can certainly get a plethora of information today online, but I would interview several professional realtors in person and get their take on your property. A good realtor can give you qualified information and show you a track record.
Home Staging by SPC
ProMatcher
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
Answer: True
Explanation: Comps as well as current trends are important.
West USA Realty
ProMatcher
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.
Answer: True
Explanation: Absolutley
LAKE AREA APPRAISAL FIRM
ProMatcher
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
Answer: True
Explanation: Yes, but such research sources should be the MLS or Title company and not necessarily public web sites. A free processional service.
Choice Lending Corp
ProMatcher
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, TN, VA, NY, MD)
Answer: True
Explanation: That is the way real estate agents do it
RLN Properties LLC
ProMatcher
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