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Tag: comps

5 things to look for when buying a home

Are you in the market to purchase a new home?  Perhaps you are going to be selling one and buying another one.  In either case, there are lots of things you should be looking for and that’s why it pays to hire a licensed Realtor® to represent you.  (Read more on why using a Realtor makes sense here.)  Here are 5 red flags that should make you take another look– and at least get to the bottom of things!FOUNDATION OR WALL CRACKSSome cracks are a normal part of a house settling that occurs with time. Others can indicate major structural issues or even previous water damage. Foundation work is a costly repair, so consult with a good home inspector before buying.  Some clients even hire multiple inspectors with different specialties.LAYOUT AND LOCATIONOne thing that absolutely can’t be “fixed” or altered after your move-in date is the physical location of the property.  Before buying, get out and walk around the house.  Go at different times of day, to get a feel for the “after school” traffic and rush hour traffic.  Look and listen around you.  The layout of the home is another thing you can’t easily fix after purchase. Sure, if you’re buying a tear-down or intend to gut and remodel, this isn’t a big deal.  But in general, you’ll want to walk the rooms and see if the layout works for you.  Is it open enough?  Do you have enough space to entertain?UNWELCOME PESTSYou’ll want to inspect for past and current evidence of termites.  In addition, roaches, mice and spiders are troublesome.  Granted, some of these pests can be seen as part of home ownership, especially if your property is situated near a wooded area or creek, but you’ll want to do your due diligence and go in with eyes open!IF YOU SMELL SOMETHING BADBad odors could be coming from pets, and if they have soiled the carpet, chances are you’ll be replacing the carpeting and padding as well.  Bad odors could also signal something much worse, like mold or even plumbing problems.  Again, when you are walking through the home, try to use all of your senses when observing and making notes.  And take notes/photos so you can point out to an inspector if you have any questions.TOO MANY ‘FOR SALE’ SIGNS IN THE NEIGHBORHOODIt could just be a sign of a hot market, with lots of properties moving.  BUT- you want to ask your Realtor to study comps and neighborhood market trend reports to     make sure property values are holding in the area and that there’s nothing causing everyone to leave!Let our team help you! We make the listing process easy and will have you on the road to selling your beautiful home in no time! Give us a call today! You can reach our team here.

What are Comps and how do they help determine house value?

Whether you find yourself buying or selling a home, neighborhood Real Estate Comps are a very important and useful tool.  “Comps” refers to comparable sales, and they are used by agents and appraisers to determine the value of a house.  The value of properties currently on the market along with properties that have sold in the past helps bring into focus the value of a house.When you use a licensed real estate agent like someone from Cami Jones & Co, she will have access to the Multiple Listing Service (MLS), which is a database of all the properties in a given area that have been listed “for sale,” are in process of being sold (pending,) have a contingent offer or have previously sold.  This is one of the many benefits gained when using a Realtor® to facilitate your real estate transaction.When reviewing Comps, we will take into account homes that have a similar size, condition, and location.  This way, we are comparing “apples to apples.”  The reasoning here is that your home is worth whatever others would be willing to pay for it — what the market bears — and the best way to determine this is to see what others have paid for similar homes.Keep in mind that every house is different, so you add or subtract from the fair market value to account for features and finishes that make the home more or less desirable to potential buyers even if size, condition, and location are pretty much equal.If you’re looking to sell and want to get a handle on what your home is worth, please contact us!  We are Kansas City’s real estate experts and would love to help!