Complete Appraisal Blog

Comps - continuation
May 10th, 2023 1:47 AM
Real estate appraisal is a critical part of the homebuying process. It involves evaluating a property and its features in order to determine an estimated market value. One of the key components of a real estate appraisal is the use of comparable sales, also known as comps.

Comparable sales are special markers used to evaluate the current market value of a home. They are used to gauge its worth based on recent sales of similar homes in the area. Comparable sales can include homes that have sold in the past year, with similar features to the one in question. These features may include but are not limited to: square footage, number of bedrooms, home age, construction materials, neighborhood, and nearby amenities.

By comparing the sale prices of these similar homes, an appraiser can get a better idea of what the current home may be worth. Generally speaking, the more comparable sales there are in the area, the more accurate the estimated value will be.

It’s important to note that no two homes are the same and appraisers often adjust the estimated value based on any unique features or upgrades made to the home in question. As such, appraisals are best left to licensed professionals who understand the nuances of this field.

If you’re considering buying or selling a home, thoroughly researching comparable sales in your area is key to getting an accurate appraised value. Doing so will help you make informed decisions when it comes to your property investments.

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Posted by Christopher Caccamo on May 10th, 2023 1:47 AMPost a Comment

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