The Property Sales Report

A Property Sales Report is a comprehensive document that provides detailed information about a specific property, encompassing its current status, estimated value, and historical data regarding previous sales and modifications.

Key components included in a Property Sales Report are:

• Estimated value: This figure holds great significance as it represents the value that most individuals are keen to ascertain. The estimated value of a property is determined based on current market conditions and specific facts about the home.
• Information about the home: This section presents essential details such as the number of bedrooms and bathrooms. It may also outline additional amenities like a pool or garage. Square footage is another crucial piece of information provided.
• Land size: In rural and suburban areas, the size of the land surrounding a property can greatly influence its appeal to potential buyers. Property Sales Reports often include details about the lot size and provide aerial views of the property’s setup.
• Past sale information: By examining when the property was last sold and at what price, one can gain insights into its historical value appreciation over time. This information can be particularly useful in evaluating long-term investment potential.
• Past foreclosures: Cases where a property was sold at an unusually low price might indicate a past foreclosure. Property Sales Reports allow you to determine if a property has ever undergone foreclosure and provide details about the outcome.
• Neighborhood demographics: This section offers valuable information about the property’s surroundings, such as the school district it falls under and notable features of any homeowners’ associations (HOAs) or other community organizations associated with the property.
• Comparable properties: Reviewing this section in consultation with an experienced real estate agent can prove advantageous. They can help you understand why certain neighboring properties are listed as comparables (comps) and provide insights on how to maximize the buying or selling potential of the property to secure the best deal.

While a property report is not a mandatory aspect of the home buying and selling process, it can be an invaluable resource for determining the value of a property.