Buying or selling a property? Whether you’re a buyer, seller, or agent, MLS sold data is a game-changer. It gives you a clearer picture of the market, so you can make smarter decisions. Let’s dive into how you can use this data to your advantage.
What Are Comparables?
First off, let’s talk about "comparables" (or “comps” for short). These are recent sales of similar properties in the same building or neighborhood. Think of them as the properties that closely resemble what you’re eyeing — same size, similar number of bedrooms, etc.
Why does this matter? Well, comparables help you figure out what a fair price for a property might be. They give you a sense of the current market value, but only if the market hasn’t changed drastically and the properties are similar enough.
Key takeaways:
- Comparables help you find the right asking price.
- They’re useful for sellers, buyers, and agents.
- The more similar the property, the better the comp.
- You need at least three comparables to get a good range of market value.
How Can Knowing Sold Prices Help My Property Search?
Knowing what’s been sold and for how much gives you an edge in property hunting. It helps you figure out if a listing is priced right or if it’s a potential bidding war trap. Plus, it clues you into what buyers are after in a particular area or building.
For example, if condos with killer views on higher floors always sell for more, you can plan accordingly. Other features to keep in mind are things like parking spots, storage lockers, and cool amenities (hello, gym and pool). And don’t forget about those building rules — pet restrictions or short-term rental bans can totally impact sale prices.
Spot Red Flags with Sold Data
MLS sold data isn’t just about spotting deals — it can also reveal red flags. If a building has a ton of units for sale all at once, that might signal something’s up. Are prices stalling compared to other nearby properties? That’s another flag. These clues should make you dig a little deeper before pulling the trigger on a purchase.
How to Use Comparables Like a Pro
Got your heart set on a specific building? Comparables can tell you a lot. They might even show trends in selling strategies that could help you act fast when a unit you love pops up.
Knowing what’s selling and what features are in demand also helps you narrow down your search. This is especially important in a fast-moving market where inventory is low and you need to make decisions quickly.
With comps in your toolkit, you’ll know if a listing is priced fairly or if it’s underpriced to spark a bidding war. And hey, if you’re the kind of person who doesn’t want to overpay (who does?), comparables can help you avoid that.
Keep It in Perspective
While sold data can be super helpful, there are limits. It tells you the what (like list and sold prices), but not the why behind the sale. That’s where a good real estate agent comes in. An experienced agent can provide insights that sold data alone can’t — and that’s key to making well-informed decisions, especially in a fast-moving market.
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