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?
Portland Buyers Agent – Real Estate Expert in the Portland Metro Area
EBA Portland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. I only represent 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. I assist investors, folks relocating to Portland area, those moving to the Portland area 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 for listing brokerages or Sellers. An EBA’s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time. Contact me for all Portland Housing.
Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland LLC
14845 SW Murray Scholls Blvd, #110-518
Beaverton, OR 97007
EBA Portland ~~ 100% BUYER REPRESENTATION . . . 100% of the Time
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