Harsh Truth about Houses Pt 1
Real Estate is a beast Getting an understanding of all the concepts and information that goes into investing or selling a home there are a couple of terms you should know to help you decide what the price should be, how the market is and who you are dealing with. Comps So comps are short hand for comparable, and it pretty much is how you evaluate the price in relation to the area you are in. It is basically a home sold within the same general area that has a similar structure. So if you have a home that is 2beds 2 baths and 1200 sq ft. a comp would be something that has the same or similar beds, baths and sq ft. or if not the exact somewhat similar. So a 2 bed 2 1/2 bath with 1350 sq ft. could be a comp because it is similar but not exact. Distance is also a factor is that comp is 2 miles away its useless but if it is half a mile away it will be much more valid. So whatever the sale price for that home is would be one comp for the property you are trying to quote. Finding about 3...
