When you are in the market to buy a home you can easily be confused with all the different terms and numbers that are given. In fact, it is important to know just what you are looking at to determine the actual value or reasonable price for residential properties for sale. In Bend, Oregon, as in the rest of the state, different values are often provided, some which have little actual impact on what the home is worth on the market.
To understand the various terms used to give the market value or the value of properties for sale in Bend, Oregon a good understanding of what is being offered is critical. The following are the most commonly used numbers for property value.
CMA Or Comparative Market Analysis
The CMA is a way to evaluate, based on what other similar homes in the area have sold at, the price that a home should be placed on the market. It is really a tool for the sellers and can vary significantly based on a number of different factors. Vacancies, homes for sale, foreclosures and the overall home sales rates can impact this number.
The CMA will not be used by the lender in determining if you qualify for a mortgage. Instead, they will want an appraisal.
Appraisal
If you are looking for residential properties for sale in Bend, Oregon it is important to get an appraisal completed. These have to be completed by individuals that are licensed by the state and they may be completed by someone that the lender recommends or prefers. This can often speed up the process from using an unknown or unapproved appraiser that has to go through the lender’s approval process.
The appraisal for residential properties in Bend, Oregon will be very detailed, highly objective and very factual. The report will include information on other properties, comps, in the area as well as specifics about the property in consideration. This will include any structural problems, concerns or possible issues that may reduce the value of the property.
Knowing the value of residential properties in Bend, Oregon is essential before you make an offer. Don’t take the seller’s word; make sure you understand an accurate market picture.
