Five Things That Factor Into Comps

Five Things That Factor Into Comps

Five Things That Factor Into Comps

Nov 07, 2016

You may think that sale price is the only factor when you’re looking at comps and trying to set a price for your listing. But it’s actually a bit more complicated. Here are five things that affect comps that you might not be aware of:

  1. New construction nearby: Because of low prices for lots and varying prices in home building materials, new homes can actually be cheaper and cost less per square foot than existing homes. If there’s a lot of new construction nearby, that can affect the price for your own listing.

  2. Renovations: Recently renovated homes typically sell for more than homes that haven’t been updated in a while. If you’ve recently upgraded your home—especially sought-after upgrades like the kitchen or master bath—your home should be priced appropriately.

  3. Amenities: Amenities such as a swimming pool, fireplace or large garage can go a loFive factors into comps, dawn mulder dawn@raizaliving.comng way in increasing home value. Make sure to consider these when comparing homes.Not all lots are created equal. Even if the square footage is the same, a lot that’s easily developable or already landscaped will get a better price than an outdated or undeveloped lot.

  4. Listing price vs. sale price: Whether sellers actually get their asking price depends greatly on the market. When you’re pricing your home, it’s important to look at sales prices, not just listing prices. The listing price doesn’t always accurately reflect what a home will sell for.

  5. Square Footage: Square footage and home values don’t necessarily follow a linear relationship. After a certain size, larger homes are actually worth less per square foot than smaller homes. When comparing homes, you ideally want to look at houses that fall within +- 200-400 square feet of your home size . 

  6. Location: Nearby amenities, safety, schools, and noise levels can vary greatly within a neighborhood. Homes in more desirable parts of the neighborhood will sell for a higher price, all else being equal. What you need to look at are whether your comparables face a quiet street or a busy intersection (quiet = higher price), whether the bedrooms face a stunning view or a back alley, and whether schools, marketplaces and public transport are nearby.

For a more detailed list, or for any questions please call or email me: #480.688.1550

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Phone: 623-703-7445
Dated: November 8th 2016
Views: 193
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