What Is a Comp For Your Home? – Rick & Tracy Ellis
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What Is a Comp For Your Home?

Whether you are buying or selling a home, doing your “Comp” research is a key.  You can get great bargains and really find out the value of what you want to buy or sell by finding out how much people are paying for homes like yours in that area.   The best way to get great value, whether buying or selling, is to answer the question “What is a comp for your home?”

There are several factors that go into determining the comp for your home.

Location: Comps have to be in the same location as your home is currently.  It doesn’t have to be the exact neighborhood, but that helps.  You want them in the same school district and tax area though.  Generally, a half-mile is considered a good range.

Size:  Your comp homes should be the same size as your home.  Same bedrooms, same bathrooms, same square footage.  You can have a home that’s the same square footage but more bedrooms due to a finished basement or attic.  If they’ve finished the basement and you haven’t, that’s not a great comp for your home.

Sold recently:  If the home hasn’t been sold in the last six months to a year, the comp value will likely be out of date.  This is obviously less-than-ideal, and will give you an incorrect read on your home’s value.

Finding these comps are the way to make sure that you buy and sell a home for the proper amount.  A professional realtor will look at these with you and help you figure out what to list and offer, depending on whether you are buyers or sellers.

If you’re ready to buy or sell your home, Rick & Tracy Ellis are ready to make your dream come true.  Call us today at 636-299-3702, email us directly at tracy@tracyellis.com, and visit www.tracyellis.com for more information on buying and selling your home.  You can also listen to the “The Rick and Tracy Ellis Show” every Saturday at 4 p.m. and Sunday at 10 a.m.