What is Comparable Sales?

Comparable sales or commonly known as “comps” is a real estate term that refers to homes that are in the same location or area. The homes included have similar features, condition and size of the home which you are trying to sell or buy.

Comps are very important for both sides of a real estate transaction, whether buying or selling. By comparing similar homes, you will get a vast amount of information which is very useful when you are buying or selling your home. If you are a home buyer, you will look to comps to determine what is the right price to offer on the home you want. If you are a seller, you will check the comps to know the right price for the home you are selling.

There are many comparable tools offered online that can help you but not all of them are equal.  It is important to work with a professional real estate agent to understand the information and navigate the process.

          1. Location

• If you are trying to know the real value of your home and its price, start with the location. Location is the number one priority, so look as close to the home you are buying or selling to find similar homes. Try expanding your search into a larger radius if your don’t find sufficient information.

          2. Time Frame

• Time frame does matter. According to experts, pending home sales are the best comps, because they are based on live market data.

          3. Home Features

• Once you are able to check the location and time frame of listing, the next process is to check the home’s features including the kitchen, bathroom, square footage, foundation and other aspects and features of the home.

          4. Having a Real Estate Agent is a Bonus

• Don’t over analyze the comps... rather call the help of a professional. Real estate agents are professionals and can help you decipher comps and walk you through the entire process. 

Call Homes for Sale in Arlington TX today!