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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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comparing comps..
what exactly should i be looking at?
just for comparsion:
looking at a house that's almost 3000sq on a 100x125 lot asking for $250/sqft.
found a house that was sold back in 4/08. almost 3400sq on 60x125 lot. was sold for $218/sqft.
can i compare these two? can i use the 2nd comps for the 1st even tho the lot side is smaller but interior is bigger and this is way back in april?
or any advice will be great!
TIA
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Posted 1/6/09 9:23 PM  |
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Prudential Douglas Elliman Real Estate
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: comparing comps..
I'm not sure you can soley go by $ per sq ft. Are kitchens and bathrooms updated, do you like the layout/style of the house, how many bed/bath, is there a deck/patio, location.
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| Posted 1/7/09 6:38 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: comparing comps..
Posted by Erica
I'm not sure you can soley go by $ per sq ft. Are kitchens and bathrooms updated, do you like the layout/style of the house, how many bed/bath, is there a deck/patio, location.
I agree. We're comparing 2 comps in the same neighborhood, same style house, but one has 4 bedrooms, one has 3, but the 3 bedroom has an updated kitchen and CAC and a new roof and new gas heating...It goes much more in depth that sheer square feet. You'll likely never get an exact comp., but a REA can show you what specific qualities should be worth (CAC, an additional bed/bath, garage, basement, etc.).
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| Posted 1/7/09 9:18 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: comparing comps..
Posted by nov04libride
Posted by Erica
I'm not sure you can soley go by $ per sq ft. Are kitchens and bathrooms updated, do you like the layout/style of the house, how many bed/bath, is there a deck/patio, location.
I agree. We're comparing 2 comps in the same neighborhood, same style house, but one has 4 bedrooms, one has 3, but the 3 bedroom has an updated kitchen and CAC and a new roof and new gas heating...It goes much more in depth that sheer square feet. You'll likely never get an exact comp., but a REA can show you what specific qualities should be worth (CAC, an additional bed/bath, garage, basement, etc.).
I agree with both as well.
When looking you want to compare style of home (i.e. ranch, colonial, etc) # of br/bths, base or no base, garage, lot size, location, etc.
You also want to include types heating and cooling...like cac or fireplaces.
You won't find an exact, but you want to find houses that are as similar as possible.
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| Posted 1/7/09 9:44 AM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: comparing comps..
I don't know all the specifics about comparing square feet, but I do know that banks are getting more particular about comps being more recent. When we were trying to sell last year, we learned that they really want comps within the past three months, and if not that, definitely within six months.
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| Posted 1/7/09 9:49 AM |
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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Re: comparing comps..
Posted by cindy104
Posted by nov04libride
Posted by Erica
I'm not sure you can soley go by $ per sq ft. Are kitchens and bathrooms updated, do you like the layout/style of the house, how many bed/bath, is there a deck/patio, location.
I agree. We're comparing 2 comps in the same neighborhood, same style house, but one has 4 bedrooms, one has 3, but the 3 bedroom has an updated kitchen and CAC and a new roof and new gas heating...It goes much more in depth that sheer square feet. You'll likely never get an exact comp., but a REA can show you what specific qualities should be worth (CAC, an additional bed/bath, garage, basement, etc.).
I agree with both as well.
When looking you want to compare style of home (i.e. ranch, colonial, etc) # of br/bths, base or no base, garage, lot size, location, etc.
You also want to include types heating and cooling...like cac or fireplaces.
You won't find an exact, but you want to find houses that are as similar as possible.
thanks for the replies.
both are new constructions and both neighborhooods are about equal if 2nd one is not better. same br/bths, with basemt, 2 garage.. i don't see any different so that's why i thought about the sq/ft. no recent sales of new constructions in both area recently.
Message edited 1/7/2009 10:10:52 AM.
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| Posted 1/7/09 10:05 AM |
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