When determining the value of your home, it’s easy to look at a nearby sale and think, “That house sold for $800,000, so mine must be worth about the same.” But in real estate, proximity alone doesn’t make two homes comparable.
A true comparable sale—or “comp”—requires looking deeper. Square footage, condition, renovations, lot size, bedroom and bathroom count, layout, parking, location within the neighborhood, and even the timing of the sale can all significantly impact value.
Two homes on the same street can have very different market values. One may have a renovated kitchen, finished lower level, central air, or a more desirable lot, while the other requires substantial updating. Buyers recognize those differences, and the market typically prices them accordingly.
Market conditions matter too. A sale from six months ago may have occurred in a different interest-rate environment or when buyer demand and available inventory looked completely different.
That’s why pricing a home is about more than finding the closest recent sale. The best comparable isn’t always the house closest to yours—it’s the property that most closely matches what buyers are actually comparing your home to today.
At The Movement Group, we analyze the full picture to help sellers understand where their property truly fits in the current market.
Compass
13 Albion St.
Wakefield MA, 01880
The Movement Group