Finding Comps!!

eire6678May 3, 2014

Hi,

We are FSBO in South Jersey, 08246. We are anticipating an offer very soon and want to be prepared to defend our listing price. We have a custom built home with many recent upgrades including fixtures, painting inside & out, new hardwoods throughout & some new appliances. How far outside of my zip can I look for comps?

Thanks!

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kirkhall

1 mile radius from your house in an urban area... Unless you have tiny zip codes, or on the edge of one, it is unlikely you'll be looking outside your zip at all.

    Bookmark   May 4, 2014 at 12:19AM
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gyr_falcon

How did you come up with your listing price if you didn't use comps? A list of comps should have been an earlier step, with changes and adjustments made as more recent homes sales got added.

Custom homes can be more of a challenge, especially if there are no similar homes in the area. Try to find equal comps as close as possible, in as similar level of neighborhood as you can and with as recent of sales as are available. If there really are none, you may have to settle for using a similarly sized home as a base, and justify your higher price with direct comparisons with the sold home's features.

A resent sale in my neighborhood had a problem with no good neighborhood comps. The realtor had to compare two ways: like size in this neighborhood and up the price for the custom design/features, plus comparable homes in a pricier neighborhood .3 mile away (with homes that would be closer in style), but discount the price considerably for not being in that neighborhood. Tricky.

I would not consider painting an upgrade; it is maintenance / freshening up, or even under staging. Nice, and it can speed up getting a sale, but it is not generally a feature that would up the asking price.

    Bookmark   May 4, 2014 at 1:50AM
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Sophie Wheeler

Most of those upgrades add very little to your home's worth. HGTV isn't real life. Location trumps amenities.

    Bookmark   May 4, 2014 at 2:55PM
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jennyzone5

Outside your zip? Unless you live on the absolute edge of your zip code, forget it. Comps are within a mile, 2 miles if you live in a rural area.

    Bookmark   May 4, 2014 at 7:50PM
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