Selling Your Colorado Home
The Comparative Market Analysis
PURPOSE: To determine the Market Value of a given parcel of real estate
WHAT IS MARKET VALUE?The highest price in terms of money a property will bring given that:
- It is exposed for a REASONABLE TIME on the OPEN MARKET.
- Purchaser has KNOWLEDGE OF COMPARABLE PROPERTIES on the market.
- Purchaser buys with the KNOWLEDGE OF ALL USES to which the property is adapted.
- The property is capable of meeting the FINANCIAL CRITERIA set forth by the local lending agencies.
HOW IS MARKET VALUE DETERMINED?
There are numerous factors which affect the market value of a property:
- Exceptional appeal
- Exciting extras/inclusions
- Special financing
- Area market conditions/competition
- Time allotted for a successful sale
- Property condition