How do recent sales effect your property value.

Property values are set by what a ready, willing, and able buyer is able to purchase your property or simial properties for based on either cash or financed /lender approved sales prices. While cash buyers sales only require documentation of avaialalbe funds at the time of offer, Purchase & Sale Agreement (P&S) and closing financed sales require comparable sale. These comps are usually with in the immediate area or a five mile radius with in a 3 month period. However, the area or time frame maybe extended to a larger area or time frame for unique or specifi property classes for uncommon sales of real estate. If sales prices go up your values go up; If sales values go down then your base value goes down. In all cases some adjustments should be made for location, property condition, area amenities, upgrades, feature missing/improvements.