What are Comps?

Posted by Katie Langthorn on Tuesday, July 26th, 2016 at 10:22pm.

 

I've been asked many times why Seller A's house is priced less than Seller B's house across town.  Or what it means to review comparisons, also known as comps, and how they affect their home.  The important point to remember is that the listing price, or selling price, of a home is a very small piece of the puzzle.  There are many factors to consider, take a look at some below!

 


 

 

1. LOCATION! LOCATION! LOCATION!

Think of things with a loud noise.. would you want to live there? Probably not.  And a lot of buyers wouldn't either.  So the house that borders train tracks, highways, or things of that nature, it will most likely sell at a lower price.  Hiring me as your agent means that I will pull comps in your area, find houses that are similar to yours, and explain all the price differences so that we can agree on a pricing strategy that will maximize the traffic to your home to get it sold quickly!

 

2. Fixer-Upper 

A huge trend going on is for sellers to complete various renovations around their home.  Don't get me wrong, I love a project as much as the next gal, ... but it's important to remember that not all improvements are worth the same.  It would be very beneficial for you to do your research on which projects give you the best bang for your buck, the best return on investment.  In some cases, sellers need to limit their renovations based on what's priced in the neighborhood.  If you're interested in home-improvements, I can be a great resource to discuss what kind of value you'd be adding to your home!

 

3. New Construction vs. Two Years Old

Picture this ... your home is in a neighborhood that's a couple years old.  All the homes and lots around you have been built and sold, so now builders are expanding by adding new phases around you.  Although a couple years in home years is not old, the new additions can have an impact on the sale of your home.  But don't worry! When we meet we can discuss your home and and how to effectively price it!

 

 

 

 

picture: http://www.zillow.com/blog/what-are-comps-179631/
source:  http://realtormag.realtor.org/sales-and-marketing/feature/article/2016/07/what-sellers-need-know-about-comps#sf31721798

 


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Katie Langthorn  |  Real Estate Agent, REALTOR® 

C: 281.850.7743  |  O: 979.703.1979  |  F: 979.703.1980

3091 University Dr. E. #230  |  Bryan, Texas 77802

www.TM5Properties.com  |   www.facebook.com/katielangthornrealtor

Your Source for Bryan/College Station Real Estate

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