There are so many things to consider with understanding comparable home sales, yet it really isn’t that difficult to understand. You just have to do a little extra home work, to get the true value of a property.
The biggest mistake I see in this market, where people get there comparable sales so wrong, is because you have so many different types of sales going on.
There’s bank owned sales “ugly & pretty”, short sales “ugly & pretty” traditional sales, & investor traditional sellers, who put a wide range of fix up costs, into their properties.
Lets look at where new investors make mistakes & why different types of homes, sell with such a difference in price range, yet it can be a similar house.
1st, Most new investors end up paying too much for a property, which makes for a tight repair budget, & then they can’t give the property what it truly needs.
Also, they tend to cut corners, yet, when they see a few comparable sales from other investor flips, they assume their property will sell close to those comps.
What they didn’t take into consideration, (Which is so Key for Investors, Realtors listing there properties & traditional sellers) is how much money & renovation those investors put into those properties.
IE: An investor who put 15-25k in upgrades, simply doesn’t even come close to an investor who dumped 65-85k+ into a full, completely done renovation.
There is such a huge difference in these numbers & quality of work done to a property.
I recommend digging a little deeper & viewing these comparable sales by doing a quick drive by, viewing them personally, & looking at pictures online.
By doing this it can really help get you a rough idea of how much went into a property.
It Really Isn’t Rocket Science.
Hope this helps with understanding comparable sales. If you have any questions, feel free to comment or send me a message.
Thanks for reading my blog & remember to compare apples to apples.
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Posted by jay buys houses-San Diego on February 3, 2013 in Uncategorized and tagged apartments in san diego, appraisers, avoid foreclosure, Business and Economy, can I sell my house, cash, cash for homes, cash for houses, cheap homes for sale, counseling in san diego, debt forgiveness, for sale by owner, for sale home, for sale homes, foreclose, foreclosure, foreclosure help, foreclosure homes, foreclosure laws, foreclosure or short sale, foreclosure properties, foreclosure short sale, foreclosures, foreclosures and short sales, forecosures, goals, harp, harp 2.0, help me sell my house, home for sale, home for sale in san diego, home foreclosures, home mortgage, home sale, homes for sale in san diego, homes for sale in san diego ca, house buyers, house for sale, house for sale san diego, house for short sale, house foreclosure, house sale, house values, houses for sell, how can I sell my house, how do I sell my house, how sell house, how to sell a house, how to sell house fast, how to sell my house, how to sell my house fast, how to sell your house, how to short sale, I need to sell my house, I sell my house, I want to sell my house, Investor, Investors, mortgage assistance, mortgage companies, mortgage company, mortgage help, mortgage options, mortgage relief, mortgage san diego, motivation, National Association of Realtors, need to sell house, need to sell my house, new homes san diego, Property, property for sale, real estate, Real estate broker, real estate in san diego, real estate san diego, realtors, refinance, rentals in san diego, reo, Sales, san diego, san diego foreclosures, san diego housing, san diego investors, san diego property, san diego real estate, san diego real estate agents, san diego real estate broker, san diego real estate for sale, san diego real estate listings, san diego real estate market, san diego realtor, san diego realtors, san diego rental homes, sell a house, sell a house as-is, sell house, sell house by owner, sell house fast, sell my home, sell my house fast, sell my house quick, sell your house, selling a house, selling house, selling house tips, selling houses, selling my house, selling my house fast, selling property, selling real estate, selling your home, selling your house, Short (finance), short sale agent, short sale homes, short sale houses, short sale investor, short sale my house, short sale negotiator, short sale process, short sale san diego, short sale specialist, short sale vs foreclosure, short sales, short sales in California, should I sell my house, stop foreclosure, to sell my house, we buy house, webuyhouses, what are short sales, what is a short sale, what is a short sale house, what is foreclosure, why short sale.
When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three emails with the same comment.
Is there any way you can remove me from that service?
Thank you!
I Don’t know why that is happening to you? especially that I have no comments on this topic. I’ll see what I can do from my end.