First things first: A comp, or comparable, is a recently sold home that is reasonably similar to your home in location, size, condition and features. Comps are reviewed by sellers and buyers, and are used by real estate agents to create a comparative market analysis (CMA) which helps determine a listing price for your home. Comps are also used by appraisers to establish the fair market price for lenders.
When selecting your home’s “comps” is a critical step in figuring out how much to ask. How do I what homes compares to mine?Call BoardWalk Premier Realty.
Location: Is the street traffic better or worse than what you experience? Is your view similar? Are you closer to amenities?
Condition: Is the home’s appearance more or less appealing than yours? How’s the yard?
BoardWalk Premier Realty Will provide you with local market conditions, things that affect the sale of your house. Rates-location-location-location- amenities. We will find homes that are nearby and similar in terms of square footage, bedrooms, bathrooms, year built, garages, condition of house and lot size. A home with a yard viewing a lake for example would be a lot more appealing than a home next to a highway or train track. Consider schools are the homes in the same school system?
Look at the competition
Look at what’s for sale around you. We will show you the homes that your home will be competing against. Looking at the condition inside and out the upgrades to see if they compare with yours. Look at the layout and flow. If your home space is very chopped up, it’s probably worth less than a similarly sized home with good flow. Very important we will look at how long the competition has been on the market. If a home very similar to yours has been listed for months while others are being sold in days or weeks, they’re probably asking too much. Don’t make that mistake yourself.