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Comparable Market Analysis Explanation
Now that you have begun the process to sell your home, it is helpful to
understand the process of how to determine a value for your home. Your
property can be compared to like properties that will help to find a fair
market value for your property and help to decide the proper listing price
for your home. In Simi Valley, Moorpark, Thousand Oaks and the San
Fernando Valley, the distinction between markets is very important.
Fair Market Value has been defined as:
The highest price estimated in terms of money which the property will bring
when the property is exposed for sale in the open market by a willing
seller, allowing time to find a willing buyer; neither buyer nor seller
acting under compulsion, both having full knowledge of all the uses and
purposes to which the property is adapted and for which is capable of being
used.
This market value definition presupposes perfect knowledge on the part of
the buyer and seller. Since this perfect world rarely exists, our estimate
of price is generally indicated as a range.
In evaluating your property I will use many of the tools that a professional
appraiser utilizes: comparable sales, competitive listings in escrow, square
footage, location, amenities, and the general condition of the property. I
will also considered the effect of any existing financing and/or liens on
the property.
The data will be researched from reliable information currently available
from the Southland Regional Association of Realtors (www.srar.com)
and the Ventura County Coastal Association of Realtors (www.vchomefinders.com), local
real estate firms and title companies. This information will not reflect
every property of comparable value for sale now, but it will represent a
good cross section of the competitive real estate inventory and recent
sales.
Please note that while none of the properties will be exactly like yours,
they do provide a good reference source in comparative market analysis.
I will arrive at an estimated value for your property, but that does not
mean that the sale of your property could not occur at a higher price. The
price you ultimately receive will depend on your motivation, the motivation
of the buyer, and market conditions at the time offers are received.
I will make periodic reviews to ensure your property remains competitive.
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