Thursday, July 23, 2015

Home Buyers MUST Demand to See the Comparable Sales, Spatially.

Updated 02-23-2016

Remember: Comparable Sales ("comps") from the other side of a major artery can be significantly pricier, thus improperly inflating the value of your subject property. So, demand to see the comps - contributing to the valuation of the subject property - Spatially!

The same idea is equally applicable for the existing homeowners planning to challenge their property tax assessment. Ask your Tax Assessor to show the comps (that contributed to your assessed value) on the map. 

Since Assessors (of larger jurisdictions) heavily depend on Automated Valuation Models (AVM), this is often a serious problem. If you see the comps on the map, you can relate to them more meaningfully. 

In the graphic below, any comps from south of Hwy-417 might be inappropriate!

Here is a snapshot of spatial comps:

(Click on the image to enlarge)
Visit the Homequant site to value your own subjects with spatial comps. It's totally self-directed (no frozen / modeled values), totally free (no strings) and requires no registration whatsoever...

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