Looking at comps will beat a Zestimate ANY DAY!

'Comps' is short for comparable properties and are used to compare recently sold homes to a subject property that is being evaluated. They help Realtors and appraisers with the market values that we should expect when selling, buying or appraising a home. Typically Realtors will look at comps that are within the same community or just out of, that have been sold in the last 180 days. Appraisers will do the same but typically stick within a 90 day period since typically their reports are requested by a lender and they need to be more conservative. A report that is produced by a Realtor is called a CMA or Comparative Market Analysis (not an appraisal). The fact is, no one knows what a house will sell for until there's someone writing an offer, but there are guidelines that we can depend on. The picture above shows you that in the Phillippi Gardens neighborhood near the South Bridge to Siesta Key what garden and waterfront homes sold for in a general sense. If you are evaluating a specific home, it's easier to find a more specific value if you know what shape the comps were in when they sold, analyzing the pictures, descriptions, Realtor notes n the MLS and location, something that Zillow and their Zestimate cannot do (remember, they are using a mathematical algorithm...and they even admit that they don't know the shape of the house). If you are interesting in finding out what the value of your home would be in the current market, start with a Realtor (yours truly!) which will be free. From there, if you are not satisfied, your next step is with an appraiser ($500-$1200). Feel free to contact me if you have any questions!

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