Real estate comps, short for comparables, are a way to gauge how much a property is worth by comparing it to other, similar properties. The more characteristics your home shares with the comps, the more accurate they are likely to be. Real estate agents and home appraisers use comps, ...
In real estate, comps are similar homes in your area that have sold relatively recently- that is the most straightforward definition. The more the comparable properties share in common with the seller’s house, the better. Real estate agents refer to these as “sold comps.” Comparables are p...
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Keep in mind that new agents won’t have the experience of seasoned professionals; real estate is definitely a “learn as you go” profession. This lack of experience can be a drawback at the negotiation table, especially in complex transactions. Are you comfortable being part of this agent’...
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market research to determine the property’s After Repair Value (ARV). This represents the estimated market value of the property once repairs are complete. Consider seeking assistance from a qualified real estate agent who can provide valuable insights and access to comparable property data (comps)...
Buyers and sellers are faced with an abundance of questions. Am I listing my house for the right price?What are the comps in my neighborhood?How much should I offer on a new home?What questions should I be asking when viewing a property?What should I loo
What are the comparable listings in my neighborhood? Comparables (called “comps” in the industry) are the pillar for determining your home’s value and deciding on an asking price. A well-rounded comparative market analysis will show current listings and homes sold in the past three to six ...
In your opinion, is vacant land a difficult type of real estate to value? If so, why? It sometimes feels difficult because there are definitely fewer comps. Sparse data always makes for more challenging valuations. Since the bulk of my work involves lots that have already been improved, that...
5Does one agent currently dominate sales activity for the neighborhood or have homes been sold by many different agents? Real estate is a competitive business with many agents establishing unspoken territories. Knowing that, and preparing is key to developing your farm area. Look for areas that ha...