I have a realtor friend/acquaintance that is willing to run comps for me on occasion. What questions should I ask him other than market comparisons for the home I want comped.
Hi Ronh,
Here are 2 questions you could ask about the comps
Are the comps recent?
For the comps to be useful, they must be recent. How recent really depends on market trends. If the market has been slowing moving, prices changing only a few percent a year, then a comp that’s a year old maybe fine to use
Are the comps truly similar?
You want to compare apples with apples, not with oranges. Even in a tract setting, there may be many different models with different floor plans, square footage and amenities. Therefore, its important to scrutinize the comps and to make adjustments where possible
One more thing to add to the Mix…
When many people think “Comps” they think in terms of “Recently SOLD listings that are similar”
But, with today’s housing marketing being so f’ed up, I always run comps, but then run a search for home that are currently on the market that are comparable.
It only makes sense, afterall those same comps will be your competition when you go to sell.
Eric