Regardless of how much you believe your home is worth, you have to be mindful of the comparables in the area when setting the listing price. Without being aware of the comps, your home could sit on the market for longer than desired. To help you with determining the comps, here are a few things you should know.
What Should You Avoid When Assessing Comps?
The wrong comps or an inaccurate assessment of the ones you have taken can cause you to price your home for far more than buyers are willing to pay. Therefore, you need to be careful with the properties that you use for your comps.
One of the first things you should avoid is using comps that are old. Comps that are from a year ago will not provide you with the information you need. The housing market can change within a matter of months and a comp from a year ago will likely be outdated. Ideally, you should look for comps that are within the last few months.
You also need to avoid using comps that are too far away from your home. There are various factors that dictate the value of a home, including the proximity to good schools and shopping. If you use a comp that is outside of your immediate area, you might not get an accurate picture of what homes are selling for in your area.
Where Can You Find Comps?
One of the best places to start when looking for comps is the Internet. Search for homes that are nearby that are currently for sale. You also should look at homes that have recently sold. Try to pick homes that have similar features to yours. For instance, if your home has three bedrooms, you need a home with the same number of bedrooms to make a fair comparison.
You can also turn to a professional real estate agent to learn more. Agents have access to the sales in an area and can quickly help you determine the right listing price for your home. If you hire an agent, he or she can provide you with a detailed analysis that explains the value of your home in comparison to others in the area.
In addition to helping with comps, the agent can get you started on the process of selling your home. For instance, the agent can help set the listing price and place listings online and in local publications. For more tips on finding great homes for sale, click here!