Sunday, April 9, 2017

Homebuyers MUST Demand to See the Comps, Spatially.

Remember: Comparable Sales ("comps") from the other side of a major artery or from the lakefront can be significantly pricier, thus improperly inflating the value of your subject property you might be interested in. 

So, ask your real estate salesperson to show the comps, contributing to the valuation of the subject property, spatially (on the map)!

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

Since Assessors (of larger jurisdictions) heavily depend on Automated Valuation Models (AVMs) based on statistical algorithm, this is often a serious problem. If their valuation is strictly AVM-based, it will be difficult for them to decompose the valuation, comp-wise. Conversely, if you are shown the comps on the map, you can easily relate to them and, in turn, accept or reject them, entirely or partially, more authoritatively. 

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 modeled values), totally free (no strings), and requires no login or registration whatsoever...

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