When you get into real estate in Brevard County to buy or sell a property, among many other important factors to consider is the comparative market value (CMV), more commonly known as comps. The CMV or comps is the estimated value of other properties in the same region as yours. It’s important to consider the comps before purchasing or selling a house, as they’ll help you determine how much the property is worth.
A property’s CMV is updated regularly, so make sure you stay on top of things to determine the price range and value of the house you’re selling or investing your money in. Real estate comps will give you a snapshot of the market, and it will help you make an informed decision using the information.
Most real estate agents in Brevard County use comps to estimate the worth of a home or a commercial property compared to similar properties in the area. The comparative marker value tool can also be used by homeowners or business owners looking for an investment opportunity before making an offer to the seller.
Here’s a rundown of why comps are important in the real estate industry and how they help buyers and sellers assess the value.
Real Estate Comps
Real estate properties in the same neighborhood in Brevard County tend to share similar characteristics, but some factors give a property an edge over others, hence, the increase in the price range. Moreover, comps also come from within the same neighborhood and from properties with the same architecture.
For instance, if you’re selling or buying a three-bedroom and two-bathroom house, your comp would be another three-bedroom and two-bathroom property in the same area that has been bought by someone or is currently on the market. Comps should be checked before deciding on a property as they provide valuable context.
Here are some of the key considerations while determining comps for a real estate property:
- Size or square ft
- Condition of the property
- Location of the house
- Architecture and style
- Need for renovations and other amenities after the purchase
Who Should Use Comps?
Comp tools are used by professional realtors in Brevard County, buyers, sellers, and real estate investors. Banks and other organizations also use this tool to identify a property’s market value and determine the price range when homeowners want to refinance their house.
Why Are Real Estate Comps Important?
Comps are essential for real estate investment for a number of reasons. They determine your property investment’s success and lower the risk of failure. Here’s why comps are imperative in real estate:
Lower Risks
Evaluating the risks is part of successful property investment, and it enables the buyers and sellers to learn the fair price range of the property. It also prevents the investor from paying more money than the house is worth. Using comps will help sellers and buyers get a good deal out of it all.
Making Profit for the Seller
Using the comps tool is imperative because it will maximize the profit for the seller and investor buying the property. In the long run, they can sell the house for higher profit margins. Comparing the property to a house sold a few weeks before your deal under similar market conditions will give you better insight into whether or not the property is worth the money.
Doing Negotiations
Negotiations are an important part of real estate dealings. Using the comps tool, buyers and sellers can negotiate and get a better deal. You can base all the facts on data and the property’s market value, which will save a lot of time. The seller can also use facts and numbers through the comps tool to get the price range that they want from the buyers.
Furthermore, if the buyer plans renovating the property, the comps tool can be used to negotiate for a lower price so you can save some money during the purchase transaction.
Property Appraisals
If you don’t have good market knowledge, you will be saving a lot of money and time by using property appraisals. Therefore, no matter which strategy you choose to sell your property, using the comps tool is always a good idea. If you have no experience selling or buying a house, you can consult a professional realtor in Brevard County, negotiate using the comps tool, and get a good price.
Finding Real Estate Comps
There are several resources through which you can find property comps in your area. Here are some ways:
Using Public Property Records
If you’re looking for a specific comp tool that will give you the sale price of a property similar to yours, you can access it through public records. In most counties, people can access these records online; in others, you have to contact the courthouse. This way, you will be able to determine the original price, lowered price, and the property’s final price.
Multiple Listing Service (MLS)
Another way you can access comps is through MLS websites in your region. These services are available to everyone, and realtors and investors utilize them because of the accuracy of the data provided.
Professional Real Estate Agents
Professional real estate agency Brevard County can help you access property comps as they’re familiar with the region and can navigate MLS to find the right house for you to invest your money and time in. Agents will be able to help you interpret comps and get a better price in the market.
If you’re looking for a house or a commercial property to invest your money in, head over to Realty World Curri Properties. They can help you find the top properties in the Brevard County real estate listings. Whether you’re looking for condos for sale in Brevard County, waterfront properties, or commercial properties in Satellite Beach, Florida, their professional realtors can help!
Contact us today to get started!
About the Author
This blog’s author is a leading real estate agent in Brevard County. She’s currently affiliated with Realty World Curri Properties and has helped hundreds of clients find the house of their dreams.
