Comparative Property Evaluation
The intent of this assignment is to provide students with the necessary knowledge to be able to select the correct properties to use in a Comparative Market Analysis (CMA). The success of a real estate salesperson, investor, or home flipper is the ability to generate an accurate CMA; and the heart of an accurate CMA is selecting GOOD comparable properties to use for the CMA. An accurate CMA determines the current market value of a particular property.
Instructions
Your assignment is to review the Subject Property and the Comparables, discuss the similarities and differences with the other students on the Discussion Forum, and then complete and submit the Property Evaluation Questionnaire (100 points) which will determine the 3 Comparables that should be used to complete the CMA project for week 2.
Below I have provided you with:
1) A Comp Map that shows the location of the 12 comparables identified in the initial search and their proximity to the Subject Property. I took the 1st step and eliminated 7 of the Comparables for you leaving only 5 (see #3 below). This will make the assignment more manageable.
2) 1 Subject Property Listing – this is the property that will be going on the market for sale. You will be determining what price would be correct in today’s market.
3) 5 “Sold” or “Closed” Comparable Property Listings – these are the properties the class will be comparing against the Subject Property to determine which 3 of the 5 are the best to use on the CMA assignment. These are condensed versions of the actual listings and don’t have all the pictures that would normally be part of a Listing. Use your imagination and do the best you can with what is provided.
General Information
To get started on generating a CMA for a seller you will need to find 3-5 properties that can be used as good Comparables (these are being provided for you below). A good Comparable should meet the following criteria as closely as possible:
A “sold” or “closed” property (not one that is currently on the market for sale).
Sold as recently as possible – preferably within the last 90 day, but never more than 12 months ago.
A property located as close to the Subject Property as possible – generally never more than a mile away.
A property as similar as possible to Subject Property
Condition
Age
Building Size (sqft)
Style
Number of levels (1-story vs 2-story)
Lot size (sqft)
Neighborhood
“The perfect comparable” example (as compared to the Subject Property) would be: A property with the same exact floor plan, same square feet, built the same year, same lot size, same condition, located next door to the Subject Property, and sold yesterday.
This kind of comparable is rarely found, but it’s a good frame of reference – you try to find properties as similar as possible to the Subject Property.
Let’s get going – download all the files below, review all the information on each Listing, discuss with your classmates on the Discussion Forum, and before the assignment due date, submit your completed Property Evaluation Questionnaire.
Good Luck !
Comp Map.pdfPreview the document
Subject Property.pdfPreview the document
Comp 1.pdfPreview the document
Comp 2.pdfPreview the document
Comp 3.pdfPreview the document
Comp 4.pdfPreview the document
Comp 5.pdfPreview the document
Property Evaluation Questionnaire.docPreview the document
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