Five Things That Factor into Comps

Magin Real Estate

Five Things That Factor into Comps

You may think that sale price is the only factor when you’re looking at comps and trying to set a price for your listing. But it’s actually a bit more complicated. Here are five things that affect comps that you might not be aware of.

Magin Real Estate

  1. New construction nearby: Because of low prices for lots and varying prices in home building materials, new homes can actually be cheaper and cost less per square foot than existing homes. If there’s a lot of new construction nearby, that can affect the price for your own listing.
  2. Renovations: Recently renovated homes typically sell for more than homes that haven’t been updated in a while. If you’ve recently upgraded your home—especially sought-after upgrades like the kitchen or master bath—your home should be priced appropriately.
  3. Developable lots: Not all lots are created equal. Even if the square acreage is the same, a lot that’s easily developable will get a better price than a hilly or rocky lot that needs a lot of preparation.
  4. Listing price vs. sale price: Whether sellers actually get their asking price depends greatly on the market. When you’re pricing your home, it’s important to look at sales prices, not just listing prices. The listing price doesn’t always accurately reflect what a home will sell for.
  5. Location: Nearby amenities, safety, schools, and noise levels can vary greatly within a neighborhood. Homes in more desirable parts of the neighborhood will sell for a higher price, all else being equal.
Source: breakthroughbroker.com
Image Credit: dreamstime.com

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com www.RalphMagin.com

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About ralphmagin

Ralph Magin, GRI, CRB - Coldwell Banker Residential Real Estate - Broker Associate – 35 Years Experience - GRI - Graduate Realtors Institute - CRS - Certified Residential Broker - B.A. University of Florida - Nationally Ranked Tennis Player
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