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November 2nd, 2009

Selling Your Clovis Home? Why Comps Are So Important

As of today, there are 338 Clovis homes for sale. Some of these Clovis homes will sell quickly, others will sit on the market for months, and some won’t sell at all. Why? We’d like to share with you the importance of knowing the “competition.” By that we mean the other 338 Clovis homes on the market as well as previous Clovis homes that recently have been sold, known as “comps.” Knowing your competitors and comps can make all the difference in selling your Clovis home quickly and it not selling at all.

What’s Your Clovis Home Worth?

When you decide to sell your Clovis home, the most commonly used method to calculate your home’s value is what’s called, “comps” (read our “How to Determine the Value of Your Clovis Home” article). Comps or “comparable sales” helps determine the sale price of any particular home currently on the market. Instead of just “guessing” what your home is worth, we calculate your Clovis home’s value by gathering the sold home data of recent home sales in your neighborhood. By using these figures we can determine how much others are willing to pay for a home like yours located in your neighborhood.

Likewise, Clovis buyers use comps to determine whether a Clovis home is priced fair. For example, a buyer may love your home but when their Realtor runs the comps and notices that your home is priced $20,000 over similar Clovis homes in your neighborhood, their Realtor is going to advise them to offer what the other homes sold for. In other words, pricing your home above the comps isn’t a good idea. Not only will a buyer know your home is priced too high, but most buyers won’t even look at your home in the first place. It’s kind of like shopping the day after Thanksgiving. Shoppers don’t line up at 5 am to shop for regular or overpriced items — they’re looking for bargains. If you don’t price your home correctly, home “shoppers” will simply skip your home and view the one’s that are priced right.

Selling Your Clovis Home for Top Dollar

No two Clovis homes are alike so our job is to make your home stand out. Even if your home and the one down the street were build by Wilson-Homes (and it’s the same floor plan!), that doesn’t mean your home and your neighbor’s home should be priced the same. Interior and exterior upgrades, upkeep, personal touches (paint colors, clean carpet, etc), and home staging can make all the difference when a Clovis buyer has more than one home to choose from. It also impacts price. If your home has a pool, granite counter-tops, stainless steel appliances, crown molding, etc., these features are highly desirable and Clovis buyers will pay more for a home with these upgrades.

In other words, comps are very complex. They go beyond simply looking at a home’s size and number of bedrooms. A whole host of other factors must be taken into consideration when determining your home’s value. We do everything in our power to make sure your home sells quickly and for top dollar.

Timing Matters

It’s also important to keep in mind the timing of comps. In a normal market, Clovis home usually close within 4 to 6 weeks. In today’s market, however, it’s not unusual for some Clovis homes to take as long as six months to close. Clovis homes that take this long to sell could reflect outdated market conditions and wouldn’t be accurate comps to consider. This is another reason why we go through a painstaking process to interpret all Clovis home data in your area.

Clovis Real Estate

We specialize in Clovis homes. That means we have our pulse on the Clovis market to make sure your home sells quickly and for the high amount possible. If you’re thinking about selling your Clovis home, give us a call or send us an email and let’s talk about your home’s value.

Clovis Real Estate − "The Clovis Home Experts"

This entry was posted on Monday, November 2nd, 2009 at 9:33 AM and is filed under Home Selling Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.