Is This Home Priced Right?
Is this home priced right? For the majority of buyers, one of the first things they search for is the PRICE of the property. 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. 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. Sure, it’s nice to know how long it took for that particular property to go “pending” . . . but the SOLD 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.
The SOLD Price is Kay!
Read my previous articles with Portland Real Estate Questions . . . ANSWERED!
- What is an “AS IS” Provision?
- How Can I Find a Good Home Inspector?
- Questions: Will Sellers Do ALL The Repairs?
- Is This Property Priced Right?
- 5 Questions to Ask Your Loan Officer
Buyer Focused ~~ Buyer Results CALL 503.804.1466
Anne Stewart-Principal Broker, operates an elite team of real estate professionals designed to focus on Buyer Representation
Resulting in superior customer care and exemplary client services.
Moving to Portland and need to get acclimated? Want to see a home that checks all the boxes? Our level of Buyer Agency and Buyer Representation is what you need in a real estate professional! We help you navigate the home buying process step-by-step with care, attention to detail and professionalism that is not easily found in the real estate industry.
Having an agent that focuses on fiduciary vs functionary representation is a game changer in buying real estate. ~ Anne Stewart
Helping home Buyers in the following counties: Multnomah, Washington, Clackamas, Yamhill and Marion
The Quinn Stewart Real Estate Group at Keller Williams Realty Portland Premiere are a team of experts in buyer representation. And that’s what you want!
We are here to represent your best interests in the purchase of real estate. Relocation, Residential, new construction, Land/Lots, condos/townhomes, Move up/Move down,
Since 2001, our team has over six decades of combined experience. Have a real estate agent whose real estate practice has PROVEN RESULTS!
- Expert negotiators
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Anne Stewart – Principal Broker/Oregon Licensed ABR, GRI, CRS, e-PRO
Quinn Stewart Real Estate Group