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Atricle Dump - How to Use Comparable Sales to Determine the Current Market Value of a Property
IntroductionIn late June of 2003, I received an e-mail from Daniel Harris, who introduced himself as maritime lawyer from Seattle. He had found me through the internet and was asking me whether I was interested in helping arrest transshipped cargo in Dalian. I was excited about the task and I surfed Dan's website [http://www.harrismoure.com] and learned Dan owns a small international law firm in Seattle, called Harris & Moure. I replied to him immediately
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more propert
Producing a high probability trade forecast is not easy. Just as difficult is determining the best trading strategy and vehicles to capitalize on the forecast. Read on to learn some of my favorites trading strategies.Another method to trade a projected move is to write a commodity option and protect it with another one of a different time frame. The choice depends on the price of the options and their time curves.Let’s take an example. I remember a time when sugar was selling for about 6 cents and you
Comparable sales, or comps, are the properties that have sold around the subject property that are zoned identically, and are about the same amount of acreage. It also helps if the comparable sales are from properties that have similar uses.
Comparable sales may not always be the most accurate for your specific property. They could be from many years ago, may not be of similar use, many not have the same characteristics such as the availability of utilities, or may not have a comparable amount of road frontage, or could be a considerable distance from the subject property.
In order to get around this problem, you must use the closest properties that you can. You simply adjust the price according to the changes in the market or property characteristics.
For example, if a comparable sale was from 2001, and the current year is 2006, then you can adjust the price according to the appreciation the overall commercial market has experienced in a specific area.
Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more properti
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Comparable sales, or comps, are the properties that have sold around the subject property that are zoned identically, and are about the same amount of acreage. It also helps if the comparable sales are from properties that have similar uses.
Comparable sales may not always be the most accurate for your specific property. They could be from many years ago, may not be of similar use, many not have the same characteristics such as the availability of utilities, or may not have a comparable amount of road frontage, or could be a considerable distance from the subject property.
In order to get around this problem, you must use the closest properties that you can. You simply adjust the price according to the changes in the market or property characteristics.
For example, if a comparable sale was from 2001, and the current year is 2006, then you can adjust the price according to the appreciation the overall commercial market has experienced in a specific area.
Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more propert
I've heard other internet marketers who were involved in network marketing programs (MLM companies) say that they had been discouraged to work their business because it was MLM. This had not happened to me, until just very recently.Yesterday someone that I know asked me regarding my online business: "Well, isn't that MLM?" Then proceeded to inform me that I shouldn't count on that as my main source of income. (As a note, this person did not have any real experience in the marketing industry.)o, may not be of similar use, many not have the same characteristics such as the availability of utilities, or may not have a comparable amount of road frontage, or could be a considerable distance from the subject property.
In order to get around this problem, you must use the closest properties that you can. You simply adjust the price according to the changes in the market or property characteristics.
For example, if a comparable sale was from 2001, and the current year is 2006, then you can adjust the price according to the appreciation the overall commercial market has experienced in a specific area.
Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more propert
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Or, if the subject property has a total road frontage of 200 feet, and the comparable sale property has frontage of 1000 feet, you can adjust the price or value appropriately.
As you can see, finding the true current market value of a property can take some investigation and adjustment in relation to the properties that have sold in the past. The more recent and similar the comparable sale is, the easier and more accurately you can assess the true value of the property.
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more propert
Consider this a new “condition of employment”. Professionals who choose to manage their careers in the same old ways will find themselves in a precarious position similar to the company who has become stagnant and ineffective -- ending up obsolete and unable to successfully compete. Here's the top ten things you need to do:1. Stay informed – follow current market and industry dynamics. Identify and study target companies and their toughest competition.2. Understand the needs of the people/markets your
It is a good idea to collect as many comparable sales as possible and take inventory of each. What are the characteristics? What are the uses? Assess each one individually and then group them together to determine an overall consensus. You should be able to determine the current market value at this point. The more properties you have to pool from, the more accurate a number you will have.
Very often brokers or agents supply you with comps from the area of interest as part of the service of selling the subject property. If you are not familiar with the area, you must be leery of the comps that they send you.
I have received comps of properties in the most affluent areas for a subject property that was positioned in a lower to medium class area which completely misrepresented the true market value of the property. Unless I had investigated further and asked many questions, I could have easily taken this property as a true comparable sale, and would have expected a far greater return than what I really would have experienced.
Unfortunately, as much as you want to trust the information that you are given by a source, you must always perform your very own investigation because brokers and agents are there to sell their properties. Many of them are honest and will do the best they can to give you the most accurate information. However, there are those who will dupe a buyer in order to sell the property and receive their commission. It is important to be aware of these tactics. Although we don't like to admit that they happen, they most certainly do.
Comparable sales are really the only way you can determine the true value of a property. It may take a comparable from another city, or even county of identical characteristics to determine the most accurate value. If necessary, ask a trustworthy broker or agent for assistance, as they will know their market inside and out, and be able to point you in the right direction as to what the property is really worth. Get two or three opinions in order to validate any information you might receive.
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