Oakland County first time home buyers series part 7 - why comparables are important

Knowing what other homes have sold for in the area is an important piece of information for an Oakland County first time home buyer. Sure looking at the public records is important and so is looking at the sellers disclosures.

But knowing what the latest home have sold for is really important. Here is how you should compare the homes that sold to the home you are looking at.

1. Location. The sold homes should be within 1 square mile of the home you are looking at without crossing any major road. The closer they are to the subject home the better. If the sold homes are in the same subdivision the better it is.
2. Same style of home. Only use ranches if the subject home is a ranch. Colonials to colonials. Split levels should be compared to split levels.
3. Date of sale. The sale date of the comparable homes should be less than six months. Again the sooner the date of sale the better. Sometimes the market changes even in six months.
4. Same amenities, same size, same number of rooms etc. The closer the sold homes in quality, size, and amenities the better the comp is.

By getting comps you can see what the prospective should be worth. So many Oakland County home sellers over price there home. So if you are an Oakland County first time home buyer ask your Oakland County realtor for comparables. It will help you determine what price you should offer on a home.

Russ Ravary your Metro Detroit real estate agent

Search Metro Detroit homes for sale

Oakland County first time home buyers part 1 - pre-approval letters MI

Oakland County First time home buyers part 2 - where to start and do next

Oakland County first time home buyers part 3 - how to read listings and pick houses to see

Oakland County first time home buyers part 4 - what to look for when looking at homes

Oakland County first time home buyers part 5 - what to look for structurally

Oakland County first time home buyers Part 6 - tips and tricks on how to keep the information straight

Oakland County First time home buyers series part 8 - listen to your Metro Detroit real estate agent