How will I know how much to offer? from Home Buyers FAQ

from Home Buyers FAQ on yourValleyProperty.com

How will I know how much to offer?

I begin by providing you with sold comparables, the most recent carrying the most weight. They must be within a reasonable distance to the property you are considering purchasing. Here in Arizona, as neighborhoods are fairly dense, that is customarily 1 mile. Preferred comparables are similar style and number of levels.

Second, I’ll assist you in adjusting for differences, upgrades, condition and unique attributes like premium lots, pools, and acreage. For instance a 20-year-old home in original condition would not command the same price as the same home completely remodeled.

Number of days on market are also a sizable factor, and terms of sale are critical. Terms of sale might include foreclosure or short sale, type of financing, relationship of the parties involved.

Among other things, these are the elements that an appraiser will use in determining value. For good or for bad, the appraiser’s opinion is what counts.