So, you’ve decided to put your Jersey Shore home on the market. With so many tourists flooding the area right now, you’re sure to receive great exposure. Some may want to ditch the seasonal renting for something more permanent. Many sellers let their emotions take over when deciding on a list price. After all, you sunk X amount of dollars into creating the perfect bungalow at the beach. You expect to receive that back and more once you sell. But I’ll let you in on a little secret. Buyers don’t care how much you invested in your property. They also don’t care that your little girl took her first steps here or that this is where your children learned to surf. They want a deal. Therefore, you need to list your home at a price that fits current market trends. How do you do that? By using “comps”.
How to Use Comps to Decide Your List Price
What are Comps?
First of all, what are “comps”? This data compares (compares/comps…get it?) other recently sold or pending homes that are similar in age, size, etc. to yours. This information provides a current snapshot of how your local real estate marketplace is performing. And that’s key to determining your list price. After all, price it too high and your property may spend way too much time on the market. Instead, you want to list it to entice buyers to your front door and, eventually, a final sale.
Location
More likely than not, you’ve heard the phrase “location, location, location” in relation to real estate before. That’s true for comps as well. Look at recently sold/pending homes near your Jersey Shore real estate. On your street. In the same school district. Whatever boundaries you choose to focus on, stick only to those stats. The closer they are in proximity to your property, the more accurate the information.
Features
Like I stated before, you want to only look at the statistics for properties that resemble your home’s features as much as possible. Square footage. Age. Lot size. Bedrooms. Bathrooms. Parking spots. View. Beach access. Amenities. Look for houses that display as many similar characteristics as possible to your own. Their sale price provides a good indication as to what buyers are willing to pay for your home right now.
Listing Status
Finally, concentrate only on homes sold within the last 30 to 60 days. You might want to look at pending sales as well. What buyers paid for Jersey Shore homes six or 12 months ago was far different than what they pay today. Focus on current statistics only to stay up-to-date with today’s market trends.
Talk to your Jersey Shore REALTOR® about comps. They can pull the information you need. Then, use their knowledge and expertise to determine the proper listing price for your home.
Sherri Lilienfeld, Apex Prime Realty, Your Source for Jersey Shore Real Estate