Comparable sales, also known as comps, are critical to anyone buying or selling Oviedo real estate because it helps set a range of prices on the homes for sale in Oviedo.
Comps Are Important to Oviedo Real Estate Buyers Because…
Comps give Oviedo home buyers an idea of the price they can expect to pay in a particular area of town, neighborhood subdivision or gated community. Buyers will get a general figure that they should be expecting to pay for homes for sale in Oviedo as dictated by the current real estate market. This helps buyers not pay too much for a property. Over priced homes for sale in Oviedo will eventually come down to comparable sales levels.
Comps Are Important to Oviedo Real Estate Sellers Because…
Comps help sellers price their homes for sale in Oviedo at close to the right price. Use comps as a benchmark so that it isn’t listed too high or too low. Overpricing can keep Oviedo homes for sale sitting on the market for a long time. Underpricing a home can hurt the amount of profit that possibly could be made from the Oviedo real estate property.
Oviedo Real Estate Professionals Need to Evaluate 3 Things for Accurate Comps
1.) Location
The location of an Oviedo real estate property is a significant determining factor when calculating comps. It is important for a realtor to research all the homes that recently sold nearby in the last few months. This will help determine what type of starting price you might be able to ask for if working with a seller and what price range you might want to offer if your client is a home buyer.
Depending on the neighborhood or area, you might not be able to find comps specific to the location. In cases like this, think about other boundary identifiers, like school districts.
2.) Time
Finding out when an Oviedo real estate property last sold is valuable information for comps. The Oviedo real estate market is going to go up and down over time, just like any other real estate market across the country. What this means is values are going to rise and fall as time goes by.
To get solid comps, start by looking at homes sold within the last six months as well as pending sales. The sales that are pending actually are much more valuable because these are the latest deals between sellers and buyers that are waiting to go through. Any Oviedo real estate professionals should have access to pending sales.
3.) Features
Not every property is built and maintained the same. This is why a home’s specific features definitely affect comps. Oviedo homes for sale with upgraded luxury kitchens offering energy-efficient appliances more than likely will sell at a higher price than homes in the same neighborhood that still have the original kitchen full of outdated appliances.
The odds you’ll find a perfect comp are pretty slim when taking into account the variation in features. Each can have a range of value to different buyers and sellers so keep that in mind as you think through setting a price or offering a bid on an Oviedo real estate property.
Location, time and features all are major factors in finding a good comp for homes as is working with an experienced Oviedo real estate professional.
