{"id":12869,"date":"2019-06-26T11:11:51","date_gmt":"2019-06-26T18:11:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12869"},"modified":"2019-06-13T10:56:37","modified_gmt":"2019-06-13T17:56:37","slug":"how-comparables-can-help-to-sell-the-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/how-comparables-can-help-to-sell-the-home\/","title":{"rendered":"How Comparables Can Help to Sell the Home"},"content":{"rendered":"<p style=\"text-align: justify;\">So you want to sell your house. You know there are some key things you need to do like stage the interior and work on your curb appeal. You might think, especially if you\u2019re hiring a real estate agent, that everything else is handled. But that leaves out one of the trickiest parts of home selling: pricing your property. How do you do it? Sure, your agent will help, but you want to know you\u2019re not leaving money on the table. You also don\u2019t want to price your home too high and leave it languishing on the market for months. So what do you do? Look at comps.<\/p>\n<p style=\"text-align: justify;\"><strong>What are comps?<\/strong><\/p>\n<p style=\"text-align: justify;\">Comps \u2014 or comparables \u2014 are the single most effective way to ensure you\u2019re pricing your home to sell while also maximizing your revenue from the sale. Basically, they compare other recently sold or pending homes in your area that are a lot like yours. Knowing what buyers are willing to pay for similar homes clues you in to what you can realistically get for yours.<\/p>\n<p style=\"text-align: justify;\">The key is here is finding comps that are as accurate as possible for your home. The most effective comps score in three key areas :<\/p>\n<p style=\"text-align: justify;\"><strong>Location, location, location<\/strong><\/p>\n<p style=\"text-align: justify;\">The old real estate adage strikes again. You can often get a four-bedroom house in a rural area for the price of a tiny oceanfront condo. Why? Location matters. And that\u2019s especially true for comparables. So if you want to make sure you\u2019re listing your home at the right price, it\u2019s important to price it based on local market activity.<\/p>\n<p style=\"text-align: justify;\">And you want to be as location-specific as possible. Existing boundaries \u2014 like school districts and neighborhood lines \u2014 are helpful here. The closer your comps are in location to your house, the more accurate they\u2019ll be.<\/p>\n<p style=\"text-align: justify;\"><strong>Don\u2019t forget features<\/strong><\/p>\n<p style=\"text-align: justify;\">Easy, right? Your next door neighbor\u2019s house just sold, so you can use that as a comp, right? Wrong, unless that house also meets a few additional conditions. A good comparable is going to be as similar to your house as possible. Of course, that means the basics like the same number of bedrooms and bathrooms and similar square footage. But don\u2019t forget about other features, either.<\/p>\n<p style=\"text-align: justify;\">Maybe your neighbor has an electrical tower behind their house, while your backyard has panoramic views. They\u2019re definitely not a good comp for you. You\u2019d be better served by looking at the house up the street that has a slightly smaller square footage but a similar view. Other features like upgrades (e.g., granite countertops, walk-in closets), the overall condition of your house, whether you have a pool and how much parking you have are all considerations. At the end of the day, when you\u2019re hunting for comps, it\u2019s better to look for houses that are as much like yours as possible. If that means you have to extend the boundaries of your search, so be it.<\/p>\n<p style=\"text-align: justify;\"><strong>Current listing status matters<\/strong><\/p>\n<p style=\"text-align: justify;\">Okay, so all you have to do is pop on Zillow, Redfin or Trulia and find some for-sale homes that look like yours and are relatively close by, right? Actually, no. Homes currently for sale aren\u2019t a good place to go for comps because they still haven\u2019t sold yet. If you base your comps on the batch of neighbors who think they\u2019re going to be millionaires from selling their two-bedrooms, you\u2019ll be way off.<\/p>\n<p style=\"text-align: justify;\">Instead, look at homes that have closed in the last six months or less. The closer you can get to the present, the better. In fact, if you can find homes with sales pending, that\u2019s ideal.<\/p>\n<p style=\"text-align: justify;\"><strong>Using comps to sell your home<\/strong><\/p>\n<p style=\"text-align: justify;\">Now you\u2019re ready to price your home competitively. A good benchmark is to find five or six really solid comps. Once you\u2019ve gathered the handful of recently sold or pending homes that are similar to yours and located near you, you\u2019re ready to determine your own home\u2019s selling price. If their prices are all very similar, your work is easy. Price yours just like them.<\/p>\n<p style=\"text-align: justify;\">If most of them are similar but you\u2019ve got one outlier, toss it. Base your list price on the majority.<\/p>\n<p style=\"text-align: justify;\">If they\u2019re all over the place, you\u2019re in a tricky spot. You can either keep looking for comps until a pattern emerges or you can decide what\u2019s important to you. If you want to sell by the end of the summer so you can have your family re-settled before the new school year starts, for example, it might be worth listing on the lower end of the spectrum. If you\u2019ve got tons of time and are feeling patient, list high and see what happens. Either way, you\u2019ll know that you\u2019re making an educated decision based on what\u2019s right for you and your current market activity.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/freshome.com\/comps-101-home-selling\/\" target=\"_blank\" rel=\"noopener noreferrer\">Comps 101 : How Comparables Can Help You Sell Your Home<\/a> by Kacie Goff | Freshome<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So you want to sell your house. You know there are some key things you need to do like stage the interior and work on your curb appeal. You might &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/how-comparables-can-help-to-sell-the-home\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12869","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Comparables Can Help to Sell the Home &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/how-comparables-can-help-to-sell-the-home\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Comparables Can Help to Sell the Home &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"So you want to sell your house. 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