Answers by Sarah Lareau

Yes, lot size and condition should be considered, but neither automatically translates dollar-for-dollar into a higher value. The bigger concern to me would be whether those 7 - 13 month-old, smaller sales are truly the best comparable properties available. A good CMA isn't just a list of recently sold homes. I want to know why each comparable was chosen, what differences matter to buyers in that particular market, and what the current competition looks like. I also look at pending sales when that information is available because they can help show where the market is moving, not just where it has been. Improvements matter, but sellers also have to be careful not to assume that the amount spent on an improvement equals the amount it adds to market value. The same is true with a larger lot. Its value depends on the property and the market. I would ask the agent to walk you through the adjustments and explain why she believes those are the best comparable sales. If the explanation doesn't make sense, getting a second pricing opinion before listing is completely reasonable.

Hi Justine, It’s understandable to be curious, and you’re not alone - this is a sensitive topic, but planning ahead can make a world of difference. While I can’t give legal advice, I can share some general information that may help guide the conversation. When someone passes away, what happens to their home depends on how the property is titled and if there’s an estate plan in place, such as a will or a trust. Here are a few common scenarios: No Will (Intestate): If your parent (or you) pass without a will, the home will likely go through probate—a court-supervised process where assets are distributed according to state laws. In Illinois, this typically involves splitting assets among close relatives. With a Will: If your parent has a will, it will specify who inherits the home. However, the will still needs to go through probate unless other measures are in place. Joint Ownership or Rights of Survivorship: If the home is jointly owned with someone else, it may pass directly to the co-owner without probate, depending on how the deed is structured. Living Trust: A trust can help avoid probate and provide a clear, private plan for transferring the property. To avoid misunderstandings, you and your parent may want to have a conversation (when they’re comfortable) about whether they’ve made any legal arrangements. It’s not about “wishing” anything—it’s about preparing so that you don’t face unnecessary stress during a difficult time. Consider connecting with an estate planning attorney in Illinois, as they’ll understand specific state laws and options. I’m based in Texas, but there are plenty of resources available locally. Best of luck navigating this important discussion!