If you have decided to sell your home, there is something that is going to play a large role in pricing your home appropriately and that is the comps in your neighborhood. The comps around you are going to play an important part in setting a realistic and fair price for your home all while helping you get the most out of the sale of your home. Deb Maher Realtor is here to talk about the important role comps play in selling your home.
Understanding Real Estate Comps
For those of you that aren’t familiar with what real estate comps are, these are comparable sales, or sold homes in your area that have similar features your home does. The prices of these homes will give you a better idea of your home’s fair market value or the price that buyers are willing to pay in your area. It is important to remember that fair market value is different than an appraised value as well. Although, appraisers will take into account the comps in the area as well when they are appraising a home. When your home is priced properly and compared to the comps in your neighborhood, you will find that you sell your home much faster.
Comps Are Important to More than Sellers
It is important to understand that comps are used by more than just the sellers too.
– Buyers: When buyers are in the market for a new home, they will have a list of comps from their real estate agent that show them what houses in the area are going for. This can help determine if the house is priced well or not.
– Sellers: Setting the right price when listing your home is vital. The comps in your neighborhood can help.
– Real Estate Agents: Comps can help real estate agents get the price just right on the house that they are getting ready to list.
– Appraisers: Appraisers are evaluating homes based off of several different factors. One of the factors will be what the houses in the neighborhoods with similar features are selling for.
Tips for Finding the Best Comps
When you’re working with a real estate agent, they will help you get the best comps in your area. However, if you are finding them on your own, you should look for these things:
– Focus on Sold Homes: You should only be looking at homes that have sold. Not only that, but they need to be homes that have sold recently as well.
– Condition & Style: The condition and style of the comps should be similar to yours.
– Close to Home: Look for houses as close to yours as possible as location can impact the price of a home.
Residential House Property Sales & Rentals in Gatesville, Valley Mills, Robinson, Lacy Lakeview, Bellmead, Hewitt, Woodway, Greater Waco, TX | North & Central Texas Real Estate
If you are interested in buying or selling a home, you can turn to Deb Maher Realtor to help you. We will help you find the right house for your family or get the most our of your home sale. Call us today!
