Want to know how much your home is really worth? Here’s how comparable sales play a role.
Introduction
Pricing your home correctly is one of the most crucial steps in selling for top dollar. In Burbank real estate, one of the key factors that determines your home’s value is comparable sales—often referred to as “comps.” But what exactly are comps, and how do they influence the price of your home?
As an experienced Burbank real estate agent, I help homeowners like you analyze comps to strategically price your home for the best possible outcome. In this post, I’ll break down how comparable sales work, what factors affect them, and how I use them to protect your bottom line.
What Are Comparable Sales?
Comparable sales (or “comps”) are recently sold homes that are similar to yours in terms of:
- Location – Homes in the same neighborhood or within a close radius.
- Size – Square footage, number of bedrooms and bathrooms.
- Condition – Updates, renovations, and overall upkeep.
- Market Timing – Sales that have closed within the last 3–6 months.
Buyers and their agents look at comps to gauge a home’s value before making an offer, and appraisers rely on them to determine the official appraised value of a home.
How Real Estate Agents Use Comps to Price Your Home
As your Realtor in Burbank, my job is to analyze comparable sales to position your home competitively in the market. Here’s how I do it:
1. Location Matters Most
In Burbank real estate, even a few blocks can make a difference in home values. I focus on comps within your specific neighborhood or within a 1-mile radius to ensure the most accurate pricing.
2. Adjusting for Differences
No two homes are exactly alike, so I make adjustments based on:
- Upgrades (e.g., remodeled kitchen vs. outdated finishes).
- Lot size (a larger backyard could add value).
- Unique features (pools, views, additional living space).
3. Market Conditions
- In a seller’s market, where demand is high, we may price at the higher end of the comp range.
- In a buyer’s market, we may need to be more competitive to attract offers.
Bottom line? Pricing isn’t just about numbers—it’s about strategy.
Why Comps Are Critical for Your Appraisal
Once your home goes under contract, the buyer’s lender will order an appraisal to confirm that the agreed-upon price aligns with market value. If the appraisal comes in low, the buyer may:
- Ask for a price reduction.
- Walk away from the deal.
To ensure a smooth sale, I personally meet the appraiser at your home with:
- A detailed list of upgrades and renovations.
- A report of recent comps that justify your home’s price.
- Key details the appraiser might not find in the MLS.
By taking a proactive approach, we help ensure the appraisal reflects your home’s true value.
Why Working with a Local Expert Matters
In a market like Burbank, CA, where home values can vary block by block, working with an experienced Burbank real estate agent is critical. I use local market knowledge, data-driven pricing, and strategic marketing to position your home for success.
If you’re thinking about selling your home and want a personalized pricing strategy, let’s connect! I’d love to help you sell your home in Burbank for the best possible price!