How to Price Your Home Right by Using House Comps

The old adage holds that the three most important factors in real estate are location, location, location. But judging by the value levied on house comps, comparable sales may actually be the most important factor in real estate pricing.

Comps help sellers price their homes right, help buyers know how much to offer, and help appraisers estimate the value of a home. Nevertheless, comps can be tricky – operating on a sliding scale according to the market at any given time – and they can be confusing.

With the guidance of Mary Jo Santistevan, a real estate agent in Phoenix, Arizona, and Desiree Carroll, who sells properties 18% quicker than the average agent in Bethlehem, Pennsylvania, we’ll explain what house comps are, how and where you get them, and why they’re so important when you’re pricing your home for sale.

What are house comps in real estate?

In real estate, “comps” is a slang term for comparable sales, meaning the sales price of similar properties within a close distance. A similar property would have nearly identical key valuation features, such as square footage, lot size, number of bedrooms and bathrooms, school district, neighborhood, and more.

House comps generally include more than one recently sold property to measure your home against. By compiling a few similar properties, the goal is to determine your home’s current market value.



from HomeLight Blog https://www.homelight.com/blog/house-comps/

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