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Tuesday, July 17, 2012

Selling Your Brevard County, Florida Home - "Your comps and my price are way off. Where did you get your comps?"

The title is probably a question many real estate agents have received when on a listing appointment.

Most sellers have an idea of what they want when they sell their homes.  The "want" price may be a figure they pulled from the air based on
  • what they paid three or five or ten years ago,
  • what they "heard" old Joe down the street got for his house last year, 
  • what he needs to cover his upside down mortgage,
  • what he needs to cover the recent refinance cost plus the mortgage.
For the record, a recent refinance and sudden sell or a recent purchase and sudden sell are never optimistic combinations.

I use the comps that support a price I am comfortable with...and it is not necessarily what the seller is happy with at the time.  But that is my responsibility.

First of all, comparables will be extracted from several categories of homes including sold, under contract, active listings and expired properties.  It is as important to know what has not sold as well what sold.

A good comp is a home that is as close as possible to the sellers (proximity) and similarly constructed (age, square footage, materials similar such as wood frame or concrete, same bedroom count as well as garage size, etc.).

Other considerations include similar state of update, roof materials and age, pool present, age and condition of air conditioner/appliances/major systems.   Admittedly. some of these characteristics can be easily identified but some are simply a "best guess."

If you are considering selling your Rockledge, Viera or Suntree home, call me at 321-693-3850 or email me for a free market analysis.

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