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Finding Comparables in IMAPP

Find Comparable

 

The Find Comparable feature will analyze the database for comparable tax record and MLS sales. The subject property’s land use type will determine which comparable sales will be automatically selected. For example, if the subject property is a Residential property, the system will only search for tax record or MLS sales for other Residential properties.

 

To start the Find Comparable feature, select the button in the menu to the right of the tax record.
 
 
Once the system has completed a search for comparable sales, the selected comparable properties will display on a street map. Each comparable sale will be assigned a number on the map.
 
 
The comparable displayed are also based on pre-selected, default criteria which are displayed in the Comparison Criteria section of the Comparable page. Each of the Comparison Criteria displayed have other options available from drop down lists. You may select another option from the corresponding list, but you must then select the Update Criteria button in the Comparison Criteria section to update the comparable analysis.
 
 
The details for each comparable sale will display below the map in a spreadsheet titled Comparable Properties.
 
 
You have the option to deselect any of the comparable listed in the Comparable Properties spreadsheet. Simply ‘uncheck’ the box to the right of the property address of any of the sales displayed.
 
*NOTE: Properties labeled with the blue REALTOR logo indicate transfers that had been listed in the MLS listing database.  Those without the blue REALTOR logo were transactions conducted outside the MLS.
 
Once your selections have been made, data from the comparable sales will be calculated and then displayed in the Statistics About Comparable Properties section below the map.
 
 
The statistics displayed will then be used to auto-calculate a projected sales price by both price per square foot, as well as by value ratio (the section titled Projected Sale Price).
 
 
The Projected Sales Price section applies these statistics to determine the most likely sales price based on existing market conditions

It is suggested that the comparables displayed be reviewed in order to eliminate any sales that may be unusual or out of range. For example, a comparable with a Value Ratio below 0.950 would mean that the property did not sell for even 1 time it’s assessed value. This may represent a sale between family members, or a quit claim that does not reflect a sale for the full value of the property. Conversely, a very high Value Ratio may indicate a property that has been split into two new parcels, or has had a significant improvement made to it.

 

A note about the way properties are ranked by number on the map and in the Comparables Spreadsheet section. The system rates the highest rank to sales that are the closest to the subject property, are more recent in terms of sale date, and have the most similar features. Some comps may appear in the spreadsheet but have been automatically deselected. These represent sales that fall out of the expected defaulted comparison criteria range, but otherwise would match. They are displayed in case you might wish to use them.

 

Property Values  

The property values that are utilized by the IMAPP system are obtained from the local tax assessment offices. A County Property Appraiser’s office, or a Tax Assessor’s office would represent examples of the type of sources for this data.

 

Market Value

The market value of a property is the combined value of the land and the improvements (buildings and extra features), which are established for tax purposes.

 

The Market Value Ratio (MVR) in the Comparables Analysis is based on the full cash value as determined by the County Property Appraiser.