As a rule of thumb in the Tampa area how are comps determined? Do they only look in the same neighborhood or?

Asked by Curt, MD/FL Thu Mar 13, 2008

will they look in other nearby neighborhoods to determine market values? For instance what if no comparable homes to mine have sold in my neighborhood, but there were 10 similar ones sold across the street and down the road in other neighborhoods less than 3 miles away. Will those be used to determine listing prices?

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Ntfeldman, , Tampa, FL
Tue Aug 19, 2008

" determine the listing prices" means that your planning to ask a Realtor / Agent to establish a value, correct? In this market, I suggest as Alma did that you skip that step and go direct to getting an appraisal from a certified appraiser (there are reasons why it might come in lower than what you can actually get for your home in a sale but that's another feed I won't go into here)

"Comps" are "comparable" - Uniform Standards of Professional Appraisal Practices determine which sales can be considered for "comps" and there's quite a bit of latitude within the standards and there are adjustment guidelines given for properties that differ on a variety of levels. But appraisers can't use property that is not truly comparable for a basis (e.g.: no stadiums stepped to value mobile homes, etc.). And distance although a consideration is not always the limitation. I don't know enough about the geography and homes "across the street and down the road" that you mentioned but they may not be comparable... sounds maybe like you're in a neighborhood and these other homes are not (could be a land size issue - not trivial). I don't have enough information to really help you other than to tell you to "splurge" on a professional appraisal. You can use it in a variety of ways, ask your agent they will help you.

I'm also confused, there have been no homes sold in your neighborhood in the last 6-12 months but 10 sales in the community across the street during the same period of time. Unless that's a total in a 3 mile radius this sends up a red flag to me. Why no sales in your community? None? In a year? It's slow but it's not that slow...

Good luck to you! Well priced is still selling.
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Alma Kee, Agent, Tampa, FL
Thu May 29, 2008
When I use comps, I look for homes in similar neighborhoods and with similar sf and with/without pool. I've been a realtor for over 8 years and recently sold a house within 18 days. At my suggestion, the Seller paid for a full appraisal by a VA appraiser that lives in the same neighborhood. He price the house spot -on plus the seller's house was immaculately clean with beautiful upgrades and tasteful decor. Also the exterior landscaping was freshened up before the first potential buyer walked into the door. In this market it is critical to price your house correctly. Pay $300 for an appraisal, it will be money well spent. Some Realtors will give you an unrealistic value for your house so they can get the listing agreement. They know the house is overpriced but they don't really care because once you're locked into a listing agreement you're stuck with them for at least 3 months or however long you sign the contract with them to sell your house. Good luck!
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Michael Cepa…, Agent, Tampa, FL
Mon May 26, 2008
Curt, while generally I would agree with Larry, as you know in Tampa you can have vastly different community types and price points, right next to each other, so usually the values from 1 community, isn't typically used from another. Also, as you know, 3 miles in Tampa can be drastically different as well. For example, same builder, same model/floorplan, same lot type, same upgrades, less then 3 miles away, $23K difference in price.
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Bill Eckler, Agent, Venice, FL
Sat May 31, 2008

The best comps come from homes located within the "target community" that have sold within the last 3-4 months.

When there isn't an adaquate number of properties to support an accurate market evaluation it becomes necessary to expand to similar areas outside of this location. They should be very similar communities.

Good luck,
The "Eckler Team"
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Larry Story, Agent, Greensboro, NC
Thu Mar 13, 2008
Curt when an agent does a comparative market analysis they will pull the "comps" from as close to your home as possible. If they have to go to nearby neighborhoods they can. What they are looking for are homes that have the same basic features as yours ie: # of bedrooms and bathrooms, the age, parking, any other basics. Then they have to adjust the comps for the differences between them and the subject property. So if you have a half bath and the others do not then they will add an amount to the comps to make the features equal. If a comp has a bonus room and yours does not then they will subtract the amount equal to the extra square footage from the comp. This how homes "market" values are determined.
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