Property value and what does the MLS look like from the inside? *Part 1 of 2* When we get deals in the area…

Original posting date on the United States Real Estate Forum on Facebook:
2019-02-13T17:41:35+0000

Property value and what does the MLS look like from the inside?
* Part 1 from 2 *

When we receive deals in an area we are familiar with,
We don't ask "Why is it famous?" We ask
“What is the purchase price? What is the renovation price? What is the revenue?
And the ongoing expenses, how much net is left for us or our investors?
And of course..
Among the most important things... what is the market value of the property?

In this section we explain what CMA, COMPS, and MLS are.
CMA report – which stands for Comparative Market Analysis, is a report
which shows prices of similar properties for sale or those that have been sold in the vicinity
Our property.
We can call it COMPS – which is Comparables, because we are comparing
between properties similar to our property and trying to more or less prepare the value
of our property on the market.

We usually derive the closest CMA in terms of accuracy using
Brokers, with whom we have good relationships and are not directly related
Direct to the transaction. From whom we ask to extract a CMA report from a system
The MLS, which is Multiple Listing Service.
We usually find all the relevant information for us in this system in a
Convenient and accessible, such as: asking price, closing price, publication date,
Closing date, DOM (Days on Market), property details, and comments.

Comments that are not always visible on sites like Zillow. Comments that can
Allow us to understand whether there is an error in the sales numbers or not.

Of course, this is not the only source we will use to understand the value of the property,
But it is definitely one of the important sources.

In the second part you can see the system from the inside.

I hope you received added value.
Albert and Jonathan choose real estate

Link to the original post on the United States Real Estate Forum on Facebook – works on a desktop computer:
https://bit.ly/2GpIDGD

The original responses to the post can be read at the bottom of the current post page on the site or in the link to a post on Facebook and of course you are invited to join the discussion