We really can't call this a "comp!"

By
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055

 

We really can't call this a "comp!"

 

 

What is a "comp?" Essentially, it's the similarities that help determine a property's worth.

Style, age, construction, condition, location, amenities and upgrades all come into play.

Unique properties are more difficult to assess.  dilapadated house

Comparables paint a realistic picture. No agent is licensed to pick a number from a hat. All data needs to be substantiated for it to be valid.

 

In every neighborhood, nuances are important. North of the highway may not be the same community as south, waterfront properties differ from non-waterfront and a description that reads,


 "Flood Damaged Home. Some Hazards May Exist. Cash Or 203K Only. Great Investor Or Contractor Home!!! Sold As Is!"

 
is not an accurate description of the house I've listed so please don't send me this house or others like it and call it a "comp."

 

I know you're struggling to show proof that your offer is acceptable, although we both know it's very low. However, sending me something that isn't remotely similar will not help.

 

You haven't convinced me or my homeowners. They are "motivated" as we  say in industry parlance but have not yet reached a state of desperation.

So I've sent you better comps. Please review them and take them under consideration when you counter offer.

 

I hope for a successful transaction. Your clients are lovely and would fit seamlessly into this comfortable, tight-knit neighborhood.

 

Posted by

No matter how you spend your day, come home to this

 


 

Long Island Real Estate Needs? 

Reach me @516.395.8376

 

Long Beach is a diverse community that is never short on entertainment. Interested in moving to Long Beach?

Don't hesitate to call me and we can begin our tour.

 

 

CHARLES RUTENBERG REALTY INC.  *****  516-575-7500  *****

ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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©Jill Sackler 2010
 

 

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Rainmaker
747,752
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Jill Sackler 

Some properties are unique and don't "fit" into the surroundings. I like to call them niche properties looking for niche buyers. 

Mar 08, 2019 06:43 AM #1
Rainmaker
207,554
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

Jill Sackler this has always been one of my pet peeves. Too many agents just try to compare any house in the area even if it is not the same size, type or quality. They try and use price per square foot. You cannot compare apples and oranges just because they are both $.99 a pound.

Mar 08, 2019 07:58 AM #2
Rainmaker
746,054
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Doug Dawes That's a great description. I'll have to remember that one for future use.

Joseph Domino 480-390-6011 You're absolutely right. Apples and Oranges. (That was actually my second choice in pictures.)

 

Mar 08, 2019 09:33 AM #3
Rainmaker
4,041,410
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jill, comps is a term we need to explain for most homeowners that like to compare everything to their home - different styles, different lot sizes and year built.

Mar 08, 2019 10:18 AM #4
Rainmaker
746,054
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Joan Cox You're right, of course. It's just that they have to make sense. You can't dig up something ridiculous to corroborate your unrealistic offer.

Mar 08, 2019 10:26 AM #5
Rainmaker
867,861
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Jill Sackler Hey, how have you been?  There are some areas that just sell for more, even within the same community.  I've had that issue here where they will pull square footage and say the house is worth so much less, when they don't know the area and that houses within certain communities sell for more.  And that's just the way it is.

Mar 09, 2019 04:44 PM #6
Rainmaker
746,054
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Hey Elyse! So nice to hear from you. I hope you're doing very well. It's all about knowing the area, like you say. That's why they say real estate is local.

Mar 11, 2019 04:41 PM #7
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Rainmaker
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Jill Sackler

LI South Shore Real Estate - Broker Associate
Long Island Living - Where Memories Are Made
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