03/17/2024
Do you feel your TAXES are to high on your real estate? Would you like to have the tools to assist in getting rid of your PMI? Are you thinking about selling and want a realistic evaluation of you home? You could probably my services.
What factors are used when finding comps that determine ?
Several factors go into the computation of accurate comparables. Among them are:
Location: The closer the comp, the better. Home values can dramatically differ in a nearby neighborhood, or even across the street if the view is significantly better. Ideally, urban comps should be within a couple-mile radius. Even better if they’re in the same school district or near the same amenities such as parks or public transport.
Location features: Comps should include as many similarities as possible, such as proximity to shopping, restaurants, attractions like parks and lakes, and access to public transportation and schools.
Date of sale: Typically, sales within three to six months are considered comparable because the market can change rapidly, making older sales irrelevant.
Home and lot size: Many homes are priced per square foot, so finding one of similar size makes for an easier comparison. It’s preferable to find a house within 10% to 20% of your home’s size. If two homes have the same number of bedrooms, but one has substantially more square footage, it paints a different picture of the home’s actual size. Similarly, if two homes have vastly different lot sizes, they aren’t truly comparable properties.
Number of bedrooms and bathrooms: The number of bedrooms and bathrooms significantly impacts the price of a home, so it’s important to match those numbers exactly in comparable homes.
Age of the home: Because some buyers think older homes aren’t in as good condition as new homes, or may need more updates than newer homes, it’s important to find homes of a similar age to compare. A range of up to 10 years is generally recommended but could extend further if the property is over 50 years old.
Condition of the home: While you should aim to find a home near the same age and condition as your own, a comp should also take upgrades, remodels, and additions into consideration.
Special features or upgrades: Homes with exceptional features, upgrades, and amenities will naturally be valued higher than a similar home without them. Think commanding views, swimming pools, deluxe outdoor living spaces, pristine hardwood floors, and upgraded cabinetry.
Taxes: Property taxes can vary from one municipality, suburb, or subdivision to the next. That’s why it’s so important to have nearby comps.
Text me now if you would be interested in CMA and include the tools to fight your ever growing Real Estate TAXES!!!
Services offered by your Real Estate Mom and Associates,LLC for Kansas/ Missouri/NW Arkansas. Text: 913-230-8395
Email: [email protected]
