Five things that factor into comps

You may think that sale price is the only factor when you're
looking at comps and trying to set a price for your listing. But it's
actually a bit more complicated. Here are five things that affect comps
that you might not be aware of.

  1. New construction nearby: Because of low prices for
    lots and varying prices in home building materials, new homes can
    actually be cheaper and cost less per square foot than existing homes.
    If there's a lot of new construction nearby, that can affect the price
    for your own listing.

  2. Renovations: Recently renovated homes typically
    sell for more than homes that haven't been updated in a while. If you've
    recently upgraded your home-especially sought-after upgrades like the
    kitchen or master bath-your home should be priced appropriately.

  3. Developable lots: Not all lots are created equal.
    Even if the square acreage is the same, a lot that's easily developable
    will get a better price than a hilly or rocky lot that needs a lot of

  4. Listing price vs. sale price: Whether sellers
    actually get their asking price depends greatly on the market. When
    you're pricing your home, it's important to look at sales prices, not
    just listing prices. The listing price doesn't always accurately reflect
    what a home will sell for.

  5. Location: Nearby amenities, safety, schools, and
    noise levels can vary greatly within a neighborhood. Homes in more
    desirable parts of the neighborhood will sell for a higher price, all
    else being equal.