Curt,

The best comps come from homes located within the "target community" that have sold within the last 3-4 months.

When there isn't an adaquate number of properties to support an accurate market evaluation it becomes necessary to expand to similar areas outside of this location. They should be very similar communities.

Good luck,
The "Eckler Team"

Sat May 31 2008, 06:49

When I use comps, I look for homes in similar neighborhoods and with similar sf and with/without pool. I've been a realtor for over 8 years and recently sold a house within 18 days. At my suggestion, the Seller paid for a full appraisal by a VA appraiser that lives in the same neighborhood. He price the house spot -on plus the seller's house was immaculately clean with beautiful upgrades and tasteful decor. Also the exterior landscaping was freshened up before the first potential buyer walked into the door. In this market it is critical to price your house correctly. Pay $300 for an appraisal, it will be money well spent. Some Realtors will give you an unrealistic value for your house so they can get the listing agreement. They know the house is overpriced but they don't really care because once you're locked into a listing agreement you're stuck with them for at least 3 months or however long you sign the contract with them to sell your house. Good luck!

Thu May 29 2008, 12:53

Curt, while generally I would agree with Larry, as you know in Tampa you can have vastly different community types and price points, right next to each other, so usually the values from 1 community, isn't typically used from another. Also, as you know, 3 miles in Tampa can be drastically different as well. For example, same builder, same model/floorplan, same lot type, same upgrades, less then 3 miles away, $23K difference in price.

Mon May 26 2008, 22:28

Curt when an agent does a comparative market analysis they will pull the "comps" from as close to your home as possible. If they have to go to nearby neighborhoods they can. What they are looking for are homes that have the same basic features as yours ie: # of bedrooms and bathrooms, the age, parking, any other basics. Then they have to adjust the comps for the differences between them and the subject property. So if you have a half bath and the others do not then they will add an amount to the comps to make the features equal. If a comp has a bonus room and yours does not then they will subtract the amount equal to the extra square footage from the comp. This how homes "market" values are determined.

Thu Mar 13 2008, 17:24