Posts from October 6th, 2015
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Understanding “Comps”: How Are They Used in Pricing Real Estate?
Whether you are looking to buy or sell a home in Central Ohio, you'll need to know your market, i.e. your 'comps'. Comps are the homes in the area where you are transacting business that are comparable, meaning they are in the same neighborhood, are similar in size, layout, and condition, and have similar features or extras (like pools, fireplaces, or even neighborhood playgrounds).
These comps are used when determining pricing. From the buyer's standpoint, knowing the market gives them a place to start with a fair offer, while from the seller's viewpoint, comps help them to figure the best price point for the property. A good real estate agent stays on top of their local market, making sure to understand the ins and outs of what...