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Home sellers: Pay close attention to the comps

By
Real Estate Agent with Fathom Realty 8431215

Instead of picking a price and sticking to it, home sellers should consider doing a little homework, and these are my suggestions:

1. Drive by similar available and sold comps in your area.  Look at them as if you are a buyer.  

2. Look at the pictures of these homes online.  Compare them to your house, honestly.

3. Go to open houses of similar homes. 

4. Compare these homes in terms of square footage, upgrades, ages of systems and the property assessments.   If one has a much higher assessment, it most likely is worth (maybe significantly) more.

5.  When in doubt, pay for an appraisal  if you strongly disagree with your real estate agent's valuation. 

 

Posted by

Michael Elliott

NO ONE DOES MORE TO GET YOU MORE

michaelelliott.fathomrealty.com

Burlington, New Jersey Real Estate 

Broker / Salesperson

Fathom Realty

elliottrealtor@gmail.com

cell (609) 864-8164   office (888) 455-6040

Comments(14)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael, it is their castle, and they always want as much as possible, but sellers need to be practical right now.

Feb 23, 2024 12:27 PM
John Pusa
Glendale, CA

Hello Michael Elliott (609) 864-8164 very valuable report about home sellers pay close attention to the comps. It is important sellers pay close attention to the comps.

Feb 23, 2024 02:08 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Michael- good tips for sellers.  It's in their best interest to understand why their agent has suggested the price they have. Be willing to adjust their price based on what they observe. 

Feb 23, 2024 08:04 PM
Michael Elliott

amen

Feb 24, 2024 04:51 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

It boggles my mind why a seller would not listen to an experienced and local real estate professional. I met with sellers a while ago and because they had a unique property with limited comps, I spent quite a bit of time coming up with a price that was based on reality. They went with an agent who told them they could get 50% (!!!) more. They priced it at that, reduced the price by a minuscule amount each week, and wound up expiring without selling at 35% over market price. Did they learn anything? Maybe, but probably not. I bet it goes back on the market this spring at more than they expired at.

Feb 24, 2024 05:28 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good advice to share.

Thank you very much for following my blog. Your comments are always welcome.

Feb 24, 2024 07:42 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Feb 24, 2024 06:39 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I find it interesting that you suggest that buyers should drive the neighborhoods and evaluate comps. I feel that providing comps is the job of their agent. How can a buyer settle on a reasonable price to offer without weighing comps (recent sale in the area)? Where are they going to get this information if not from their agent? I am not going to send my clients to Zillow and tell them to figure it out for themselves.

Feb 24, 2024 06:42 PM
Michael Elliott

That's not what the post says.  You misread it.  The post is about Home sellers.

 

Feb 25, 2024 06:18 AM
John Juarez

I stand corrected, Michael. Yet, I still believe it is the job of the seller's agent to provide the comps.

Feb 25, 2024 03:57 PM
Michael Elliott

John-  what did I say in here that makes you believe that I would not give comps to my sellers?

Feb 26, 2024 05:58 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

And... don't believe Zillow!

Feb 25, 2024 05:42 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Michael Elliott (609) 864-8164 ,

Excellent ideas and tips for sellers. I always encourage my sellers to see the competition! I take them and also encourage them to check out the open houses!

Feb 25, 2024 05:47 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Additionally Fannie and Fredi have Appraisal Guidelines concerning the allowable distance between the Comps and the Subject Property. And the age of a Comp ( usually 6 months or newer ) ..

Feb 25, 2024 07:16 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

If a seller doesn't do their homework or even believe the information provided by their agent, they are in for a rude awakening as the buyer most likely did the necessary work

Feb 25, 2024 06:51 PM
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Homes

There is so much that goes into correctly pricing a home. Unfortunately some sellers think they can just pick a number out of the sky. It doesn’t work that way. Congratulations on your feature

Feb 26, 2024 12:07 AM
Michael Elliott

I dont believe it was featured.  Not sure why she said that.  

Feb 26, 2024 05:17 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

These are really good tips!  When a buyer client of mine likes a home, I will advise them to come back to the neighborhood in the evening to check things out.

Feb 26, 2024 03:56 AM
Michael Elliott

Thank you

Feb 26, 2024 05:17 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for taking the time to share this report!  Smart advice!

Mar 01, 2024 08:56 AM