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Real Estate Tips For March 2014

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Here are another 10 Tips that will give you a better understanding as to how I view the world of real estate.

Tip #1
The ultimate competitive market analysis (CMA) should include a thorough review of comparable properties 1) settled, 2) under agreement, 3) on the market and 4) off the market.

Tip #2
When reviewing comparable sales information to calculate the value of a property, upgrades and extras of the comparable properties must be determined.

Tip #3
When reviewing comparable sales information to calculate the value of a property, any seller concessions paid must be determined.

Tip #4
When reviewing comparable sales information to calculate the value of a property, any discount points paid must be determined.

Tip #5
When reviewing comparable sales information to calculate the value of a property, any buyer settlement costs paid must be determined.

Tip #6
When reviewing comparable sales information to calculate the value of a property, any cosmetic or functional deficiencies of the comparable sales properties must be determined.

Tip #7
When reviewing comparable sales information to calculate the value of a property, type of financing of the comparable sales properties must be determined.

Tip #8
It is mathematically possible for average and median values to increase while at the same time individual ones are decreasing. This is exactly why many housing reports are misleading or deceiving.

Tip #9
Average and median values are calculated on group sales in a specific geographical area. They do not represent what the individual value of properties in that same geographical area are.

Tip #10
When many housing reports indicate values are increasing or decreasing they are referring to average or median values, not individual ones.

Remember to look for my “Real Estate Tips For April 2014” article in about four weeks.

Respectfully,

Phil Mitsch

Agents’ Note: Phil Mitsch is America’s leading economic recovery, real estate, lending and motivational coach. He is also the real estate industry’s all time, top producing residential Realtor. His 1) biography, 2) testimonials, 3) seminar topics, 4) books, 5) videos, 6) audios, 7) economic recovery tips, 8) real estate tips, 9) lending tips and 10) motivational tips can be found at www.PhilMitschForAmerica.com. For further information, contact Phil Mitsch Enterprises in Cherry Hill, New Jersey at 856-665-6569, on Twitter at @philmitsch, or by email to philmitsch@verizon.net.

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