Real Estate Comps: How To Find & Use Them | Rocket Mortgage

Whether you ’ re a professional in the real estate clientele, or barely an tidal bore home buyer or seller pull comps, there are some key features to consider. Let ’ s dive into a few of them .

location

You ‘ve probably heard the old veridical estate proverb, “ Location, location, location. ” Well, it ’ s an old proverb because it ’ s pretty mend dependable. A 500-square-foot apartment in parts of New York City can be 10 times a expensive as a 5,000-square-foot house in the middle of the area. The differences are n’t constantly quite that arrant, but you get the estimate. typically, optimum comps are no further than one nautical mile from the property, but that will depend on your area ( rural, etc. )

condition

How well-built and well-maintained a home is can be a critical component of its comparable respect. For exemplify, there may be a meaning price difference between a home with a leak ceiling and another that has a stigmatize raw roof. When running comps, make sure you take into explanation the condition of all parts of the homes you ’ ra compare .

senesce

New homes tend to have higher value, so a home built in 1950 and one built in 2010 may not have like values barely because they have the lapp number of bathrooms and bedrooms.

Number Of Rooms

A four-bed, two-bath sign of the zodiac may seem like a pretty cheeseparing comprehensive examination for a three-bed, two-bath theater, but that ’ s not necessarily true. That extra bedroom can much mean a price difference of $ 100,000 or more. Do n’t forget to factor in size, excessively, as square footage can have a major impact on home value .

Lot Size

Acreage measure varies by location but, all other factors being equal, more nation means more value. even if the houses are pretty comparable, if one sits on 2 acres and the other sits on 10 acres, you need to take that into account when determining the value of both properties. This is particularly dependable based on localization. A large batch near a popular urban focus on could be countless times more valuable than a rural plot of land the claim lapp size .

Time Frame

When looking at holocene sales in the area to determine the value of the base, recency is a big factor. Comparing your subject home with a house that sold a month ago is going to be a lot more accurate than if you ’ ra looking at one that sold 2 years ago. Your best count is to find homes that have sold in no more than the final 6 months .

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