Home value prices are limited by various factors, such as the cost and ability to construct new property to increase supply, demand for rental units, the incomes of potential buyers, listing inventory, location, and the recent sales pace of homes in the neighborhood.
Sales Comparables (or comps) is a home evaluation tool that compares the recently sold properties in a specific neighborhood, which are similar to a subject property, to find the best value. The list of comparable homes with sales values, living square footage, and a location map, are available in the SearchQ™ Comprehensive Report.
ANALYZING LIVING QUALITY OF THE NEIGHBORHOOD
The Automated Value Model (AVM) on the free report will give you an estimate of how much a home is worth on the market. The AVM is based on a number of factors such as:
Median housing value: the midpoint of the values of all homes in the same zip code as your subject property.
Sales comparables: the values of recently sold homes near the subject property.
Local market condition: factoring into the AVM is the listing inventory, sales and foreclosure data, as well as the number of days a home is on the market before it is sold.
Market trends of both sold and distressed homes in the last five years.