When buying or selling a home, finding the right price is crucial. One way to do this is by checking real estate comps, or “comparables.” These are recent sales of similar homes in your area, which give you a realistic idea of what your property might be worth. Here’s a simple guide to help you find real estate comps in your area.
1. Online Real Estate Platforms
One of the easiest ways to find comps is through online platforms. Websites like Zillow, Realtor.com, and Redfin offer free search tools where you can find recent property sales in your neighborhood. All you need to do is enter your address and compare homes that match in size, age, and features.
2. Coldwell Banker Realty
Coldwell Banker Realty offers expert guidance in finding the right comps. They have access to local MLS (Multiple Listing Service) data, which provides the most accurate and updated property sales information. If you’re not sure where to start, working with a Coldwell Banker agent can help you navigate the complexities of the real estate market.
3. Use Public Records
Your local government keeps records of recent property sales. County websites often have a public records section where you can search for homes sold in your area. This might take a bit more effort than browsing real estate platforms, but it’s a reliable way to gather data.
4. Ask a Real Estate Agent
Real estate agents, especially those with Coldwell Banker Realty, have access to the MLS, which contains comprehensive data on sold properties. Agents can create a comparative market analysis (CMA) for you, offering a detailed look at homes similar to yours that have recently sold. A CMA also factors in market trends, giving you more accurate results.
5. Drive Around the Neighborhood
If you’re more of a hands-on person, you can drive around your area and look for “For Sale” or “Sold” signs. Note down addresses, then use public records or online platforms to check the selling price of those homes. While this method is time-consuming, it gives you a real sense of the local market.
6. Leverage Home Appraisal
A licensed appraiser can provide an official valuation of your home. They use recent sales data to ensure the price is fair. This might be one of the more costly methods, but if you’re serious about selling or refinancing, it can be worth the investment.
7. Check Real Estate Blogs and Local Market Reports
Real estate agents and brokerages, such as Coldwell Banker Realty, often publish market reports on their websites. These reports can offer insights into trends in your area, including the average sale prices for different types of homes. Reading up on these can help you stay informed.
8. Network with Neighbors
Sometimes, the best source of information is your neighbors. If someone in your neighborhood recently sold their home, ask them about the price and any offers they received. This can give you an informal idea of how much homes in your area are going for.
Conclusion
Finding real estate comps is a vital step in determining the fair market value of a home. Whether you’re buying or selling, using online tools, working with Coldwell Banker Realty, or even networking with neighbors, can help ensure you’re making informed decisions. Keep in mind that the best comps are recent, nearby, and similar to your property in size and features.
