Comparable Sales: Sales that have similar characteristics as the subject property and are used for analysis in the appraisal process.
Simply stated…When doing a CMA (comparative market analysis) for a homeowner thinking of selling their home, real estate agents look at other homes that have recently sold. So as to compare apples to apples, they want to use homes that are similar in size, location, age, type, etc. For example, a 2 bedroom condo would not be a comparable for a luxury home. This will help you and your agent come up with the best price to market your home. Appraisers also use comparable sales data in determining the appraised amount when requested by a lender for a mortgage or re-finance. When you’re ready to sell your home, request your complimetary home value report!
And if you’ve got any questions about selling or buying a home in metro Albuquerque, be sure to contact me today!
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