comps from mls

[William Rankins]

 how to determine value after getting comps from mls. should you average, or just take the highest comp. thanks

[Karen Margrave]

@William Rankins What you want to do when looking at comps is "compare" them to the property you are trying to place value on. You want to look at the details of the sold property, such as: 

• What is the age of the comp in comparison to yours?
• What is the size of the comp in comparison? 
• What are the finishes like? (crown moulding, countertops, appliances, flooring, bathroom fixtures, etc.) 
• What is the size of the lot in comparison, landscaping, etc.?
• What is the neighborhood like? 
• Location? 

After yuo have the answers to that, then you make a determination if your property is a higher or lower value, etc., and what the differences add up to. Once you have all of that information, you have a value. What is the cost per square foot of your listing compared to the comps? 

Too often people pull comps and don't dig in to the details. By doing that, you can make a huge mistake on the actual values of property. You want to make sure you are comparing apples to apples. Good luck!