Myth - Your home worth more than Neighborhood Homes, IGNORE THE COMPS
MYTH: if you know your home is worth more than any home in the neighborhood, ignore the comps. Is that true?
So, you know, you did a lot of remodeling of your house, and it looks perfect. It's the best house in the neighborhood.
Can you ignore the comps?
You really can't ignore the comps. The appraiser. What he looks for is the base, a similar home with similar square footage, and any upgrades that your property has that the other property doesn't have. That's all. Something that he considered in the value when valuing the property. So let's face it, how many times have you heard, location, location, location? Absolutely right.
The value of your home. It depends very much on where it's located. The appraiser will look at that, too. So he doesn't go to look in another neighbor to compare your house, he's going to look for comps inside your own neighbor.
Yes. The structure of the house, the similar type of house, and the location. These are very, very important. These are the main ingredients of the evaluation report.
Now, the improvements you've done to your property are also going to add some value to the home. That's just an added plus to the value of it.
So the conclusion is you cannot ignore the comps, and we hope this information will help you to make the right decision in your next real estate transaction. See you next week in another episode of MYTH VS TRUTH.