Kim Mullan Blog
Thinking of Targeting A Big City Buyer?
What are “COMPS”?
They are the most recent and most similar comparable "sales" indicating what the current buyer market would be willing to pay for homes like yours.
Active listing prices show us the competition your buyer will be comparing you to but until they are actually "sold" we can't be sure that the valuation assigned to the listing price will be accepted by the buyer market.
It's important to recognize who your likely buyer is and what kind of valuations they have been attributing to homes like yours most recently.
When we assess "comps" or comparable sales we look at similar style of homes, amenities, upgrades, popularity of decor/design choices, effective age of the home in terms of upgrades, structural and mechanical systems and we certainly look at location.
No matter how lovely your lot, street or setting - in the end you are in your local market.