Portland Real Estate Questions: Is This Home Priced Right?
For the majority of buyers, one of the first things they search for with properties for sale is the PRICE. With the search capabilities buyers have on the Internet, the price points are always a factor. When buyers tell their Realtor what they are looking for in a home — PRICE is high on their list.
When it comes time to put pen to paper, buyers want to know:
Is this Home Priced Right?
That’s when their Realtor will run a CMA (Comparative Market Analysis) or a “comp.”
How Is a CMA / Comp Prepared?
When preparing comps for my buyer clients, I use the RMLS — Regional Multiple Listing Service to pull LIKE PROPERTIES.
When comping a property for the purposes of writing an offer I compare apples to apples.
Some of the criteria I use to run a comp:
- Price range of homes SOLD
- Age of homes SOLD
- Sq. footage of homes SOLD
- Number of beds / baths of, you guessed it, homes SOLD
- Lot size of homes SOLD
- Updates and/or improvements of homes SOLD
Why Use Only SOLD Properties For a Comparison?
- ACTIVE PROPERTIES do NOT establish price. While it might be nice to know what’s on the market in the immediate area, the list price does nothing to establish a viable AND reliable comp.
- PENDING PROPERTIES do NOT establish price. While it might be nice to know how long it took to that particular property to go “pending” . . . price is not established.
- SOLD PROPERTIES DO ESTABLISH PRICE! Which is why I go back three months. The market can change dramatically over a 6 months period and might not be reflective of current real estate market data.
Read my previous articles:
- Portland Real Estate Questions: What is an “AS IS” Provision?
- Portland Real Estate Questions: How Can I Find a Good Home Inspector?
- Portland Real Estate Questions: Will Sellers Do ALL The Repairs?
- Portland Real Estate Questions: Is This Property Priced Right?
- 5 Questions to Ask Your Loan Officer
Buyers Agent Portland – Buyer Focused ~~ Buyer Results
Buyers Agent Portland, LLC is an Exclusive Buyer Agency serving the Portland Metro real estate market since 1999. The brokerage only represents Home Buyers and never home sellers. If you’re looking for a home anywhere in the Portland Metro area, there is no better representation than an Exclusive Buyers Agent. We assist investors, folks relocating to Portland area, those moving to Portland in-state, home buyers who are looking to down-size or move-up and of course . . . love working with first-time buyers. I help Buyers in the Portland Metro market find exactly what they need in the Tri-County markets of Clackamas County, Multnomah County and Washington County, as well Portland cities including but not limited to:
- Beaverton homes for sale
- Tigard homes for sale
- Hillsboro homes for sale
- Lake Oswego homes for sale
- Portland homes for sale
When you’re ready, talk to an Exclusive Buyers Agent.
Exclusive Buyers Agents do not work at real estate brokerages that take listings!
An EBA’s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time.
Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor
Buyers Agent Portland LLC
Buyers Agent Portland ~~ 100% BUYER REPRESENTATION . . . 100% of the Time