Saturday, April 30, 2011

Comps? (Like regrets) We have a few...

A rooftop deck can throw other comps out the window!

We certainly agree there is a price threshold for certain property types in particular neighborhoods and that comparable sales are needed for appraisals. However, when pricing for sale or offering to buy a fantastic property or "a dime a dozen" property, comparables are only a part of the story.

There is an art to pricing. It takes in the lifestyle aspects and likely market demand for a home based on condition, location, amenities and even the name of the street. Financing options also can impact the pricing of a home dramatically. Pointing to other "comps" just doesn't cut it.

Comparable sales are a guiding light but often other emotional, financial and market factors sway the decision to buy or sell at a given price.

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