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Casual Articles - How to Use Comparable Sales to Determine the Current Market Value of a Property
As usual, I was scanning a forum the other day, and the inevitable question arose: What is the best product or service to sell if I want to start an internet business?As usual, I gave my usual answer, i.e. find something that you really like and care about and sell products related to that. Your interest in the field will keep your interest in your business fresh and that will reflect in your marketing...particularly if you are avid about the subject. Take my friend Tony, for example....please...as Henny Y
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market va
Architects often do not do very much public relations and many of them do quite well over time simply living off the wonderful referral jobs coming in. But breaking into the business is not easy at all and it takes a little bit of hard work and thought. It makes sense for architects to develop community goodwill and be cognizant of the need for positive publicity and public relations from the start of their businesses. What can architects do to promote good public relations?Well there are many things and they
Comparable sales, or comps, are the properties that have sold around the subject property that are zoned identically, and are about the same amount of acreage. It also helps if the comparable sales are from properties that have similar uses.
Comparable sales may not always be the most accurate for your specific property. They could be from many years ago, may not be of similar use, many not have the same characteristics such as the availability of utilities, or may not have a comparable amount of road frontage, or could be a considerable distance from the subject property.
In order to get around this problem, you must use the closest properties that you can. You simply adjust the price according to the changes in the market or property characteristics.
For example, if a comparable sale was from 2001, and the current year is 2006, then you can adjust the price according to the appreciation the overall commercial market has experienced in a specific area.
Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more properties you have to pool from, the more accurate a number you will have.
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market va
1. Free Classifieds - This system works more effectively, especially if you have 'Make Money Online' related websites. There are some popular Free Classifieds Websites around there to post your ads for free, just make a search 'Free Classifieds' 'Post Ads' etc in Google and you can find some good classifieds sites list. The title of your ad must be attention grabbing to make it stand out from the rest. The description should be short but informative. Don't forget to add your website url in the ad form.
Comparable sales, or comps, are the properties that have sold around the subject property that are zoned identically, and are about the same amount of acreage. It also helps if the comparable sales are from properties that have similar uses.
Comparable sales may not always be the most accurate for your specific property. They could be from many years ago, may not be of similar use, many not have the same characteristics such as the availability of utilities, or may not have a comparable amount of road frontage, or could be a considerable distance from the subject property.
In order to get around this problem, you must use the closest properties that you can. You simply adjust the price according to the changes in the market or property characteristics.
For example, if a comparable sale was from 2001, and the current year is 2006, then you can adjust the price according to the appreciation the overall commercial market has experienced in a specific area.
Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more properties you have to pool from, the more accurate a number you will have.
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market va
“What is my calling?” Do any of us really have complete clarity about our life calling? Even those of us with the knowingness we must teach, write or sing may often ask, “What direction am I to go, now?” How do we answer these soulful questions?Richard Bolles, author of “What Color is My Parachute?” and the granddaddy of the employment industry says, when people are asked what they would like to do they often respond with “I don’t know.” Bolles maintains this is because people interpret the question to be “Wh
In order to get around this problem, you must use the closest properties that you can. You simply adjust the price according to the changes in the market or property characteristics.
For example, if a comparable sale was from 2001, and the current year is 2006, then you can adjust the price according to the appreciation the overall commercial market has experienced in a specific area.
Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more properties you have to pool from, the more accurate a number you will have.
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market va
Whether you are working for a corporate organization or you are manager of a small business – in that case you are closer to being an entrepreneur – we all deal with the topic of short term versus long term focus.Sales activities are known to be short term focused, for the simple reason that you cannot sell something that doesn't exist. There are a few exceptions, for example, the new Airbus is sold when there was only a prototype and in the construction area, apartments these are first sold, before the compl
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more properties you have to pool from, the more accurate a number you will have.
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market va
Many wonder if free advertising is an effective way for their website to get exposure. Contrary to what you might think, there is not an easy answer to this question.We know that advertising on television can be effective as well as radio advertising. We have seen many people use free advertising on classified websites that have had no success. On the other hand, we have also seen many others that have had tremendous success using free website advertising.The issue that must come to head and be addr
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market value of the property. Unless I had investigated further and asked many questions, I could have easily taken this property as a true comparable sale, and would have expected a far greater return than what I really would have experienced.
Unfortunately, as much as you want to trust the information that you are given by a source, you must always perform your very own investigation because brokers and agents are there to sell their properties. Many of them are honest and will do the best they can to give you the most accurate information. However, there are those who will dupe a buyer in order to sell the property and receive their commission. It is important to be aware of these tactics. Although we don't like to admit that they happen, they most certainly do.
Comparable sales are really the only way you can determine the true value of a property. It may take a comparable from another city, or even county of identical characteristics to determine the most accurate value. If necessary, ask a trustworthy broker or agent for assistance, as they will know their market inside and out, and be able to point you in the right direction as to what the property is really worth. Get two or three opinions in order to validate any information you might receive.
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