Comparables or Comps

Any time you are putting an offer in on a house you need to do your due diligence. One step in this process is comparables, where you absolutely know the value of the property. This step occurs early in the deal, when you are wanting to find out what your single family home in question is worth in today’s market. To do this accurately you need to consider the following when comparing your home to other homes that will justify its value:

House is in the same neighborhood

House is the same style

Plus or Minus 10-15% in square footage

Sold in the last 6 months

Is in similar condition

Do not compare total square footage

Compare above square footage with above square footage

Compare below square footage with below square footage

Compare above grade with above grade

Compare below grade with below grade

Finished against finished

Unfinished with unfinished