{"id":3168,"date":"2016-08-29T11:11:53","date_gmt":"2016-08-29T18:11:53","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3168"},"modified":"2016-08-26T09:51:19","modified_gmt":"2016-08-26T16:51:19","slug":"what-sellers-need-to-know-about-comparable-properties","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/what-sellers-need-to-know-about-comparable-properties\/","title":{"rendered":"What Sellers Need to Know About Comparable Properties"},"content":{"rendered":"<p style=\"text-align: justify;\">The sales price of neighboring homes is only one part of the equation. Be sure that sellers understand the other factors that affect how their home compares to their neighbors&#8217;.<\/p>\n<p style=\"text-align: justify;\"><strong>Location within the neighborhood.<\/strong><br \/>\nIf your seller\u2019s home is in a part of the neighborhood that borders a highway, train tracks, or an industrial area, it\u2019ll likely fetch a lower price. Make sure you pull comps of other homes in similar locations to compare and explain pricing differences to sellers.<\/p>\n<p style=\"text-align: justify;\"><strong>The home\u2019s lot.<\/strong><br \/>\nTake into account that hilly terrain can affect the usability of each home\u2019s lot and bring your seller\u2019s price down. You can have two one-acre lots next to each other, and one can be fully usable while the other is only half usable because of steep slopes, says Todd Gibbons of William Pitt Sotheby\u2019s International.<\/p>\n<p style=\"text-align: justify;\"><strong>Renovations.<\/strong><br \/>\nHome owners who have done home-improvement projects typically get a higher price for their property. You should know which properties in the neighborhood have undergone renovations and how much they sold for so you can suggest to your seller what projects they should do if they want to boost their home\u2019s sale price.<\/p>\n<p style=\"text-align: justify;\"><strong>New construction.<\/strong><br \/>\nIn some markets, the cost of land has dropped, making building a new home less expensive and, thus, more affordable for buyers. Sellers need to understand how competition from the new-home segment could affect their listing price. For example, in the suburbs of Chicago, where Michael LaFido of Marketing Luxury Group does business, building a house similar in size to an existing structure costs 20 percent less today than before the recession. Pull comps from builders in your area to show sellers the potential impact on their home\u2019s value.<\/p>\n<p style=\"text-align: justify;\"><strong>The difference between listing price and sales price.<\/strong><br \/>\nMany sellers will go online to see listing prices for other homes on the market in their neighborhood and ask you to price their house accordingly. You need to explain that listing prices reflect what sellers are asking, not what buyers are willing to pay. That\u2019s why sold inventory is more reliable for determining the realistic price of your seller\u2019s home than the asking price of properties currently on the market.<\/p>\n<p><a href=\"http:\/\/www.realtormag.realtor.org\/sales-and-marketing\/feature\/article\/2016\/07\/what-sellers-need-know-about-comps\" target=\"_blank\">What Sellers Need to Know About Comparable Properties<\/a> by John N. Frank | RealtorMag<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sales price of neighboring homes is only one part of the equation. Be sure that sellers understand the other factors that affect how their home compares to their neighbors&#8217;. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/what-sellers-need-to-know-about-comparable-properties\/\">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-3168","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Sellers Need to Know About Comparable Properties &#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\/2016\/08\/what-sellers-need-to-know-about-comparable-properties\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What Sellers Need to Know About Comparable Properties &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The sales price of neighboring homes is only one part of the equation. 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