Evaluating Comps

Evaluating a comparative “comp” sale.  The more you know the better your decisions.

1. Comp = means a recently sold property near you, short for “comparable.”

2. Bldg. Sq. Ft. = per county records the main building total square feet living space.

3. List price = the “asking” price listed by the seller.  This is usually not the final

    price seller and listing agent (seller’s realtor) are expecting.  Pricing below market

    value will attract more buyers and potentially reward seller with higher price.  This

    is the best process to use in a seller’s market.  When there are several potential

    buyers for a property they will “bid up the price”.  Buyers set the market prices.

4. Sold price =  the recorded price the seller accepted and was paid for the property.

5. Listing agent = this is the Realtor®  hired by the seller (property owner) to “list” 

    their property for sale on the market.  The “listing process” is actually the final

    step to an extensive one on one consultation with the property owner to determine

    how to present their property to the market.

6. Market Preparation =  Short name for what is normally a long and difficult process if attempted alone.

    Compare the “ comp” to your property.  Take a look at the presentation of the property.

    Typically homes that are move in ready are freshly painted, repaired, and staged

    evoking an strong emotional response  from the buyers which accelerates their desire to live in that home.

 

    If a buyer even comes to an open house chances are they already like the

    neighborhood and if they love the house, then seller benefits from competetive bidding.

 

    Compare your home with the sold property.   Typical move in ready homes have:  

 

     New interior paint (colors by stager) and often new exterior paint

     Absolutely scrubbed clean appliances, bathrooms, kitchens, cabinets, etc

     Minor repairs completed

     Front door and entry painted with accented paint color (by stager)

     Breathtaking curb appeal with well groomed landscaping and blooming plants and flowers

     New sidewalk and driveway paint ( color ) by stager

     

7.  Listing agent market preparation recommendations -  these issues are worked out months

     before a property goes “live” on the market for sale.  It is a cooperative process between the

     seller and realtor.  When I work with you to sell your property,  we meet at your convenience

     and work at the speed you need.  This means congenial meetings where I propose the market

     preparations and give you costs estimates so together we sell your home in the way that is 

     best for you.  My fee is the commission from the final sale, there is no charge for

     my time during market preparations because this is how I learn what is best for you and you 

     learn the best way to sell your home.  Together we make sure the result is the best one for you!

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