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COMPARATIVE MARKET ANALYSIS 2013 Q1 1 bedroom Luxury Condos Sold in Hoboken Prepared for: Perspectives NJ Thursday, November 13, 2014, Prepared By: ALEX BAD WEIGHER REALTORS 273 GROVE ST JERSEY CITY,

How to fill out comparative market analysis

How to Fill Out Comparative Market Analysis:

1. Research the local real estate market: Start by collecting data on recent sales of similar properties in the area. Look at factors such as location, size, amenities, and condition of the properties to get an understanding of their market value.
2. Analyze comparable properties: Compare the characteristics of the properties you have researched to the property you are analyzing. Look at the sale prices, listing prices, and days on market to gauge the market activity and determine a fair market value for the property.
3. Consider market trends: Take into account any current trends in the real estate market that may affect the value of the property. Factors such as supply and demand, economic conditions, and interest rates can all impact the market value.
4. Evaluate the property's strengths and weaknesses: Assess the property you are analyzing and identify its unique selling points as well as any drawbacks. Consider aspects such as location, condition, curb appeal, layout, and additional features that may influence its market value.
5. Adjust for any differences: If the comparable properties you used have certain features or attributes that differ from the subject property, make adjustments to account for these variations. For example, if a comparable property has an additional bedroom or a larger yard, adjust the value accordingly.
6. Determine a recommended listing price: Based on your analysis and adjustments, arrive at a recommended listing price for the subject property. This price should be competitive with similar properties in the market and reflect its fair market value.

Who Needs Comparative Market Analysis:

1. Real estate agents/brokers: Comparative market analysis is a valuable tool for real estate professionals to determine the market value of a property. They use this information to advise their clients on pricing strategies, negotiate offers, and market properties effectively.
2. Homeowners/sellers: Homeowners who are planning to sell their property can benefit from a comparative market analysis. It helps them understand the current market conditions, price their property competitively, and maximize their chances of attracting potential buyers.
3. Buyers/investors: Buyers and investors use comparative market analysis to assess the fair market value of a property they are interested in purchasing. It helps them make informed decisions, negotiate offers, and ensure they are not overpaying for a property.
4. Appraisers: Appraisers rely on comparative market analysis to determine the value of a property for various purposes, such as mortgage lending, estate settlements, or tax assessments. It serves as a crucial tool in their valuation process.

In summary, filling out a comparative market analysis involves thorough research, analysis of comparable properties, consideration of market trends, evaluation of the subject property's strengths and weaknesses, making adjustments for any differences, and determining a recommended listing price. This analysis is valuable for real estate professionals, homeowners, buyers, investors, and appraisers in understanding the market value of a property.

For pdfFiller’s FAQs

What is a comparative market analysis?

A comparative market analysis is an evaluation of similar properties that have recently sold in a certain area to determine the market value of a property.

Who is required to file comparative market analysis?

Real estate agents, appraisers, and property owners may be required to complete a comparative market analysis.

How to fill out comparative market analysis?

To fill out a comparative market analysis, one must gather data on recently sold comparable properties, analyze the data, and determine a fair market value for the subject property.

What is the purpose of comparative market analysis?

The purpose of a comparative market analysis is to assist in determining the fair market value of a property for buying or selling decisions.

What information must be reported on comparative market analysis?

Information such as property details, sales prices of comparable properties, market conditions, and adjustments made for any differences between properties must be reported on a comparative market analysis.

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