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Question about comps?

Posted by jane__ny (My Page) on
Sat, Feb 28, 09 at 23:06

Planning to sell in April/May. Have been looking on-line at houses similar to mine and did a few drive bys. Some are really nice, newer homes but on lousy property. My area is all acre zoned and quite hilly. Some of these homes have no usable property, are built on hills and slopes.

Some are off roads which are nerve-wracking with twists and turns, some are gravel roads. I would never buy these homes because of the property no matter how great the house is.

Some have no privacy or steep driveways.

These homes are priced above what I'm considering. They are probably 1-200,000 above what I plan to ask. They are similar in square footage but new or just a few years old and very attractive outside. But the property is not good.
How does the property factor into selling price?

Jane


Follow-Up Postings:

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RE: Question about comps?

Jane, you can not base your asking prise based on other homes that are currently on the market!
Over half of those homes will not sell.
You need to use homes that have sold over the last 6 months, and then, take into account that prices have dropped x amount over that time too.
Most buyers prefer "off roads" assuming I understand what you mean by that. if your property is on an "on road" you may be looking at a deduction of your value as opposed to the other way around.
Most buyers do want some sort of useable back yard... place for kids to play, patio, future pool, house additions, etc...
There is no way to give you a value for this over a forum... you just have to pour over the comps (sold), and assign a FMV for all of the features that your home has, based on what buyers in your area consider normal.


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RE: Question about comps?

Thanks, of course that makes sense. Trouble is I can't find houses which sold and the amount they sold for. Guess I should save my time looking at houses which haven't sold yet.

Thanks for your advice,
Jane


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RE: Question about comps?

Jane try going to www.zillow.com and look up your address. It should tell you what has sold in your area.


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RE: Question about comps?

I just tried that zillo.com page and it shows zero homes sold in my area in the last 12 months. Since we bought this house 4 months ago, I know that's not true. Am I doing something wrong or is just a really incomplete database? Is there anyplace else where a non-realtor can check sold comps?


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RE: Question about comps?

Try your town/township tax office. Ours has pictures and descriptions posted by category (ranch, colonial, etc.) and date sold. I know because I am always trying to make the case for my appraisal being too high.


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RE: Question about comps?

Zillow is way, way off on our home....I'm not sure where they pull the data from. Wrong # beds/bath, etc.


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RE: Question about comps?

Try trulia.com. It will pull solds in the area.


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RE: Question about comps?

look in your local newspaper for real estate transactions. It will give the closing price. Or you can go to your town's property tax site online and look up homes by address to see what they sold for. Problem with that tactic is that it can take a while for homes to hit the gov't site. Another problem with even knowing the closing price (sold price) is that it won't tell you if there were owner concessions in that amount. It might say a house closed for $350K, but what you don't know is the owner gave $20K in closing costs. Just an example. Have a realtor run a comp for you. Also, I understood your off road comment to be rural in nature, unpaved, steep? We have a lot of those in my town and they have their own headaches as the town doesn't own or maintain them. Not necessarily a plus.
Good luck.

Jo


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