These are all great questions and the answers can vary depending on your location. Comparable sales are sold homes similar/comparable to yours. The trick is to find the closest match; including, but not limited too, location (same subdivision would be ideal or within certain radius of miles), home type (single family residential, waterfront, farm, acreage, etc.), upgrades(pool, oversized garage/workshop), sale date (in todays current market we only look at the previous 3 months).
Comparable sales can be found much easier with the accessibility of the Internet. But, you do need to know where to go. Marion County Property Appraisers has tons of great information @ http://www.pa.marion.fl.us/ including property details, assessed values, legal descriptions, links to court filed document, and so much more right at your fingertips. The coolest part is the spatial mapping data where you can check school & flood zones, utilities, elected officials, previous sales, Sheriff locations and on and on and on. OK WAIT! I got off track, the comparable sales for an area can be found with the above mentioned mapping, and then researching each sale and property carefully. After the data is collected I create a Comparable Market Analysis making adjustments for the differences in each comparable property. You will be left with an Adjusted Recommended Sales Price.
visit “zillow.com” for what they call their “Zestimate”. Beware, the “Zestimate” should only be used for general information purposes and other tools should be used in determining your ideal listing price. The website has some great information about many neighborhood features including schools, sales trends, homes for sale, etc. www.zillow.com
Pricing of your home should not be taken lightly! It may be best for a seller to view comparable properties for sale in the area before deciding on list price. When selling your home there are 2 choices, #1 is living in Fantasy Land and #2 in Reality land. The fantasy is you can ask anything you want for your home; the reality is, what is a ready, willing, and able buyer willing to pay for your home? More importantly, if an appraisal or bank financing is needed will the comparable homes in the area support your contract price. I always say, “THE PROOF IS IN THE NUMBERS!”
Comparable Market Analysis are always “FREE of Charge” with me. Contact me today for more details.