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Comparative Market Analysis Property Type: Residential Detached Status: Active Subject Property # MLS# Address 1 4268063 3912 TREE BARK Lane 2 4262735 3776 Etna Drive 3 4208303 3395 Palisade Court

How to fill out comparative market analysis

How to fill out a comparative market analysis:

1. Gather relevant data: Start by collecting information about similar properties in the area, including recent sales data, current listings, and any pending transactions. This data will help you analyze the market trends and determine the property's value.
2. Analyze the property: Evaluate the subject property by considering its unique features and characteristics. Assess factors such as size, condition, location, amenities, and any recent upgrades or renovations. This analysis will help determine the property's strengths and weaknesses compared to others.
3. Identify comparable properties: Select properties that are similar to the subject property in terms of location, size, age, and features. Aim to find at least three to five comparable properties. These will serve as the basis for your comparative market analysis.
4. Compare the properties: Compare each comparable property to the subject property, examining factors such as price per square foot, listing price, sale price, days on the market, and any adjustments made based on differences in features or condition. This analysis will help determine the fair market value of the subject property.
5. Make adjustments: If there are differences between the subject property and the comparable properties, make adjustments accordingly. For example, if the comparable property has an extra bedroom, adjust the price to reflect the difference. Be consistent with your adjustments throughout the analysis.
6. Determine the property's value: Based on the analysis of the comparable properties and adjustments made, calculate the fair market value of the subject property. This value will serve as an estimate of what the property is likely worth in the current market.
7. Prepare a comprehensive report: Summarize your findings in a clear and concise report, including the information on the subject property, the comparable properties used, the adjustments made, and the final value estimate. Present the report professionally, using charts, graphs, and supporting data as needed.

Who needs a comparative market analysis:

1. Real estate agents: Real estate agents use comparative market analysis to determine the fair market value of a property when listing it for sale. It helps them price the property competitively and attract potential buyers.
2. Home buyers: Buyers use comparative market analysis to assess whether a property's asking price is reasonable and in line with market trends. It helps them make informed decisions and negotiate better deals.
3. Appraisers: Appraisers rely on comparative market analysis to determine the value of a property for loan or mortgage purposes. It provides them with a comprehensive understanding of the property's worth in relation to similar properties in the area.
4. Property investors: Investors use comparative market analysis to evaluate potential investment opportunities and determine the profitability of a property. It helps them assess the expected return on investment and make informed decisions.
5. Home sellers: Sellers can benefit from comparative market analysis by understanding the current market conditions and pricing their property accordingly. It helps them set a realistic listing price and attract potential buyers quicker.

In conclusion, filling out a comparative market analysis involves gathering data, analyzing the property and comparable properties, making adjustments, and determining the property's value. This analysis is beneficial for real estate agents, home buyers, appraisers, property investors, and home sellers as it provides valuable insights into the property's fair market value and aids in making informed decisions.

For pdfFiller’s FAQs

What is comparative market analysis?

Comparative market analysis is a method used to determine the value of a property by comparing it to similar properties that have recently sold in the same area.

Who is required to file comparative market analysis?

Real estate agents and appraisers are typically required to file comparative market analysis reports.

How to fill out comparative market analysis?

To fill out a comparative market analysis, you need to gather data on recent sales of similar properties in the area, analyze the information, and determine a value for the subject property.

What is the purpose of comparative market analysis?

The purpose of comparative market analysis is to help determine the value of a property so that it can be priced appropriately for sale or purchase.

What information must be reported on comparative market analysis?

A comparative market analysis typically includes information on recent sale prices of similar properties, property features, market trends, and a final property value estimate.

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