What are Comps - Walled Lake Real Estate

What is an agent referring to when they talk about getting the comps? Here is an explanation as to what comps are for your Walled Lake home:

What are "comps"? Comps is short for comparables. Your realtor should pull the latest Walled Lake homes that have sold in the last 6 months which are similar in size and condition to the home you are looking to purchase. Read them over and see what they are sold for and what type of condition the home was in. This is to give you an idea of what the house you are looking at is worth. That way, you can decide for yourself how similar they really are. 

Sometimes what you think the house is worth and what I think the house is worth are different. Sometimes buyers automatically go to the low side of the comps. Unfortunately in this hot sellers market, many Walled Lake homes are being priced on the high end of the scale and they are selling in the higher range. 

So even if the comps say it should be lower, it may sell at the list price or higher. It all depends on the buyer and if they feel it is worth it. You may not think it is worth it, but the next buyer might pay the price. So the option of sitting back and waiting for the price to drop may not work. 

Like all negotiations the more money you offer, the more likely the seller will accept. But the bottom lien is you decide what to offer. I will put in any offer you want, but in this sellers market of 2012, if the house is in good condition to excellent condition you want to be within 5% of the list price. 

I hope this explains what "comps" are and how you should use them. I hope your home buying experience goes smoothly. 

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