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Most Recent COMP...2 years ago! How would one value a property in todays market?

I received a call this morning from a client who is on the fence about listing his home in todays market. (Sound familiar?)

I told him how I could help him and that I would do some research for him in additiona to providing a CMA for possible pricing. Sure, sounds easy enough doesnt it? haha.

The last sale in his community was in 2006!

Would you happen to have a scientific formula handy for situations like this that would offer some kind of price range that would price competitively in todays market? Outside of calling an appraiser? Thank you!

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Posted by The Grant Team of Naples - Offices at The Ritz Carlton on 04/24/2008 03:47 PM

Comments (3)

valuing property

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3 Comments on Most Recent COMP...2 years ago! How would one value a property in todays market?

APR

2008

I'd say that you should look in other communities that are from the same builder or similar size/style, and see if that yields any results!

There is no specific formula for this situation. You will have to approach this property as an appraiser would.

Comps are becoming more difficult these days as banks are now requiring appraisals to meet tighter guidelines.

Example: One major lender is requiring 2 comps in the past 90 days and 1 active listing.
Comps. must also be mapped in the appraisal.

When you do your analysis you will have to keep this in mind. The days are numbered for using properties that are a distance away or have few or no recent comps.

That being said, If you have a comps. you truly believe in, that doesn't fit the exact guideline mold. Go for it.

Jonathan and Bryan: Great advice, thank you. In addition to trying your ideas, I think I'll pull out my old real estate course book and touch up on the art of appraising! haha

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