Using Comparable Homes When Selling Your Own Home

How to Find and Use Comparable HomesWithout any direction to go in, selling a Scott County home can seem very difficult. Choosing the price of a home is often the place where homeowners get hung up, especially if it’s their first time selling a home. A great place to start  with choosing the right price for a home is finding a comparable home, also known as a comp home or just a comp. Comp homes can be extremely helpful when selling a home, so it’s well worth a homeowner’s time to find one or more. Here is what homeowners need to know about finding and using comp homes when selling their own home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Advantages of Using Comp Homes

When someone is selling a home for the first time, it can be extremely difficult to come up with a fair price for a home, and there is a lot of extra pressure when overpricing or underpricing the home can cause a lot of damage. Looking for comp homes can give homeowners a more accurate idea of what a fair price for their home is without having to guess quite as much. Looking at comp homes is also helpful because buyers will typically be looking at those homes. Homeowners should be aware with the other homes on the market so they know what their home is competing with.

Where to Find Comp Homes

While homeowners can find comp homes on their own by searching online, the easiest way to find comps is by working with a trained real estate agent. Agents have access to a lot more resources for finding homes, so they can find comp homes much more efficiently. However, if the homeowner wants to try to find comp homes on their own to see what’s out there, then they should first try looking at the big multiple listing websites along with the website of the real estate agency they’re working with.

How to Choose a Good Comp Home

The ideal comp home is going to be similar to the home being sold. It should have the same number of bedrooms and bathrooms, and it’s even better if the home is in the same neighborhood. Ideally, the home should have sold recently—within the past few months is best to ensure the price is accurate. Try not to use a home that is currently on the market and hasn’t sold, because it’s difficult to tell if the home will actually get what the owner is asking for.

If the homeowner can’t find a comp home with the same number of bedrooms and bathrooms and the same square footage, they should prioritize the bedrooms and bathrooms when looking for a comp home. Bedrooms and bathrooms tend to influence price more than square footage, so homeowners should adjust the price after. Age is also another important factor when looking for a comp home. Try to find a home that is around the same age for even more accuracy.

Remember, using comparable homes is good for making price estimates, but finding a comp home isn’t a guarantee. Just because one person was able to sell their home for $200,000 doesn’t mean that every homeowner with a similar home will get that much. Be sure to work with a real estate agent, because they will help ensure the home is being priced fairly and accurately.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Need to sell your home?

Find out how much it will sell for today!

Check your equity now in 60 seconds
Kris Lindahl Real Estate

Home of the one day listing contract

Leave a comment

Waterfront House Plans For Best Views: Luxury Lake House Design

Waterfront homes have traditionally enjoyed popularity among discerning homeowners. Whether a home is at the seashore, has lake frontage, or is situated close to a fishing stream, the proximity of water can be a formula for “the good life.” Homes with water views can also represent a unique financial investment. Waterfront homes traditionally appreciate faster […]

Continue Reading

Luxury Patio Ideas For Waterfront Homes: Outdoor Opulence

Whether they’re designed for vacation getaways or full-time living, waterfront homes have one attribute that most homes cannot duplicate: the undeniable appeal of water views and access to the waterfront lifestyle. This calls for creating an outdoor “oasis” that visually expands living space and adds a new dimension of enjoyment. Looking to elevate your lakefront […]

Continue Reading

8 St Paul Neighborhoods Walkers Love: Enjoy the Stroll [2022]

As the capital of Minnesota, Saint Paul real estate is thriving with several walkable neighborhoods filled with local shops, exciting entertainment venues, and delicious restaurants. When browsing the best neighborhoods in St Paul, walkability is a leading factor for many people. The ability to step out the front door and stroll to public transportation or […]

Continue Reading