We live on an island in the Pacific and our Oahu(Honolulu County) neighborhoods vary in price from neighborhoodto neighborhood and county (each island) to county.
Our neighborhoods are so densely populated (especiallyfrom Ewa to East Honolulu) and in areas where the inventory is low, that to determine pricing for the sale of the property or comps for a buyer is indeed, quite thechore.
More often than not, I will meet the appraiser at the property with my own comps and if there are not at least 3 properties close to the same criteria as the subject property, then I will have to go outside of the complex or around the neighborhood within a mile radius at most.
In the past 6 months I’ve hadto ‘get really creative’. With my list of comparable properties, a summary of these comparable properties to the subject property, and my “Highlights and Upgrades” List (noting everything and anything, room by room),I am well prepared to ensure that the price on a listing or the price in my buyer’s contract meets close to market value.......and......I know what I am talking about when I meet the appraiser.
Planningis the key.
- Note: THIS IS JUST THE BEGINNING