Always Pay Attention To the Newest Sales Comparables

With the current state of the real estate market..the price dips and lenders, investors, buyers and sellers all concerned about their bottom line dollar, the most recent sales comparables have become crucial. Gone are the days when just about any nearby comp will do. In our soft declining market not having the latest sales comparables cold mean the end of a sales contract or the beginning of re-negotiations.

Sellers and buyers alike must pay careful attention because it could make all the difference in whether a lender funds the loan on a particular sale. Sellers make sure that your Realtor keeps you informed of the latest comps every 30 days. Buyers, be sure that sales comparables are pulled each time you submit an offer. An old standard had previously been a sales comparable within the last six months. However, in today's market lenders quite typically are looking for sales comparables within the last 90 days.. They also want to see information on local listings, pending sales and list to sell ratios.

Be mindful of the sales comparables and your next sale or purchase should go alot smoother. Remember, knowledge is power!