Updated about 9 years ago on . Most recent reply
Using Comps
I recently looked at some comps and they did not go into much detail about the interior condition.
My first question is, do comps from the mls ever go into detail about the interior condition?
Secondly, if comps do not include the interior condition of a home, then how do buyers/realtors come up with a fair purchase price.
For example, comps could be 200k for homes with excellent interior condition. If someone was going to purchase a home in the same neighborhood but its interior needed updating/repair, they wouldn't know that the 200k comp was in great shape. In my opinion this would result in pricing the property too high.
Additionally, if comps do not explain the interior condition then how can an accurate ARV be determined?