Uncategorized June 20, 2016

Comparable sales and the market value of your Lynden Home

If you have met with a Lynden Realtor recently, you may have heard a lot about “Comparable Sales”. If you are wondering what exactly this term means, you have come to the right spot. Comparable sales are the recent sales of properties similar to yours in a nearby neighborhood. In a more simple term, they are similar to your Lynden home for sale, or one you are buying.

Knowing the comparable sale method is one of the best ways to determine the market value for residential properties. If you are a seller, the Lynden, WA realtor you select will come up with a sales price by showing you recent sales comparable to your property. If you are buying real estate in Lynden, your agent will help you pick an offer price based on comparable sales and current market conditions.

Finding comparable sales is usually quite easy. Occasionally, some adjustments will need to be made depending on the following:

-Upgrades. Zillow doesn’t know if a home has had bedrooms added, bathrooms taken out or extra square footage added on to the home. If changes have been made, it may not be comparable like it once was. Having a professional “pull comps” will be more accurate than relying on AVMs (automated valuation models) from a computer.

-Market changes. If the current market conditions have drastically changed, this could impact your property.

-Different home styles OR when there is a mix of brand new homes and old outdated homes in the same neighborhood.

If you are unable to find a comparable sale, it will not affect the market value of the home.  This is where an experienced agent comes in handy. They have access to first-hand information on what nearby neighborhoods will serve as the best back up option for finding properties comparable to your Lynden Real Estate. If you are interested in finding out the comparable sale and market value of your property, give me a call at 360-410-0848.