Understanding the World of Glenview Comps

By
Real Estate Agent with The Marla Schneider Team

 

CompsIf you want to sell your Glenview home and are trying to figure out just what the magic is when it comes to "comps", here are some things to help you understand the world of comparables a little bit better.

First, the word “comp” is short for “comparable”, and is simply the value that other nearby homes have established for themselves and will ultimately help to establish for your home as well.

To qualify as a comp, a home must be similar to yours in size and amenities; in other words, don't compare a 2,500 square foot house to one with 1,100 square feet. You also wouldn't want to compare a home with a pool to a home without a pool, unless possibly the one without the pool has something similar to offer--a tennis court, perhaps--to bring it to the level of the pool home.

The comp should also be in an area near and similar to yours, including close to the same schools, libraries, shopping areas, or amenities special to your part of the world such as a lake or the beach.

Homes in your area that have recently sold are great to use as comps. You may even want to drive around your neighborhood and see what these recently sold homes really look like. Knowing what they sold for and how they compare to your house can help you determine the value of your home.

Seeing what has been selling well in your neighborhood will give you an idea of what people seem to be looking for and how much they're willing to pay for it. If homes with pools or other family-type amenities are selling at good prices, you will know that the people buying are most likely family or socially-oriented and want to have amenities that will create fun for them, their families, and friends.

Once you know what other homes have sold for, try to discover what there is about your home that makes it more valuable than the others. Do you have an extra bedroom or a den? Has your kitchen just been updated or upgraded? Is your landscaping the envy of all your neighbors?

While looking at comps can give you some idea of your home's value, there is a lot to consider when setting a price for your home, and a Realtor® is the one best-suited to figure that out. Besides knowing what the insides of the comps look like, the agent should be familiar with other neighborhood features which will come into play when setting your listing price. He or she will also be familiar with short sales, foreclosures, and reo's in your neighborhood and should know how these are affecting prices in the area.

For help with selling your home, come to the experts in the Glenview, Wilmette, Northbrook, and North Shore areas--The Marla Schneider Team. Contact us online or call us today at 847-657-3790. We'll help you sell your home for the best price possible!

 

 

 

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Show All Comments
Rainmaker
682,072
Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

You provide sound evidence and reason as to why it's so important to work with a professional, Marla.  And a great explanation of comparables ...

Gene

August 08, 2012 02:08 PM #1
Rainmaker
151,406
Marla Schneider
The Marla Schneider Team - Glenview, IL
Move with Marla

Thanks, Gene!

August 12, 2012 01:45 PM #2
Rainmaker
319,011
Inna Ivchenko
Mannis Real Estate Group - Calabasas, CA
Los Angeles / Valley Homes

well,

i'm completely lost with comps these days,

banks accept low ball offers for short sales,

regular listings are sold 10-20 % above other regular sales( not mentioning low ball short sales).

Representing buyer I'm suggesting to give a full price or above and if it is a loan, much more above...

I just called today few agents  whose new listing prices are above what is on average is sold in that areas. All of them have offers in first days. I asked: how these buyer will get financing if there are so low comps? 'well, we don't need financing. We have cash offers above asking'.

Go figure..Seems, the inventory is soooooo low, buyers are desperate...

January 07, 2013 03:50 PM #3
Rainmaker
319,011
Inna Ivchenko
Mannis Real Estate Group - Calabasas, CA
Los Angeles / Valley Homes

oooops, i just noticed that you posted in in 08/08.

4 months ago it was a different situation. How are you now in IL area?

January 07, 2013 03:52 PM #4
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Rainmaker
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Marla Schneider

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