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.
- 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.
- 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.
- 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.
- 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 series part 8 - listen to your Metro Detroit real estate agent
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
