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Comparative Market Anyalysis

Today, I want to talk a little about Comparative Market Analysis that real estate agents put together and compare that to an appraisal that is performed by appraisers and online valuations on sites like Zill ow and other, similar sites. A comparative market analysis is put together by a real estate - they do not charge for this. The real estate agent is looking at your home and learning about the location, condition, floor plan, amenities, any special terms you will offer and the square feet and lot size. With that in mind, they will compare your home to homes currently on the market, homes that are currently, pending, homes that have sold recently, and canceled and expired homes to get a sense of how your home would be perceived by buyers in the current market and what the market value range of your home may be.

Appraisers typically are very interested in dollars per square feet, when comparing your home to other homes - typically focusing on those that have sold in the last six months. While they will make some adjustments to the comparable homes when comparing to your home, appraisers typically do not add or subtract enough to allow for buyer's tastes when it comes to the floor plan and condition of the home. Online valuation sites, such as Zillow, typically have algorythms they use to take the sold information from tax records and apply it to neighborhoods and your home - often not making allowance for detailed information about the home - especially things buyers like such as condition and floor plan.

Online valuation sites often don't take into consideration if the home backs to a commercial property, for example. That same site may not realize the property that just sold in the neighborhood has been updated from the studs out. Sometimes the market value estimates are close to accurate -other times the market value estimates differ a significant amount from what a willing buyer would be willing to pay for your home. If you are interested in getting a strong sense of the range of market value for your home - what a buyer is willing to pay in the current market - the most accurate estimate is typically going to be having your real estate agent (like me!) put together a Comparative Market Analysis for you. Call me today- 503=336-7126 - if you have any questions about the market value of your home in the current market.

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