When selling a home in Asheville, NC, it’s important to pick a price that makes sense for your specific area. Finding your property’s place in the competitive Asheville market can be tough, as you want to attract buyers without undercutting your home’s value, and it’s crucial to price your home competitively in order to stand out in a sea of hot properties. Working with an experienced real estate agent can help you do this, as an agent will have the knowledge and experience needed to set a competitive price for your home. Another way to estimate your home’s worth and set the right price is by researching real estate comps. Keep reading to learn more about Asheville real estate comps and how to use them.
What are comps in real estate and are they helpful to have when selling in the Asheville market?
Simply put, real estate comparables, or “comps,” are similar properties that have sold recently near your home. You can either find comparable properties on your own (using Realtor, Zillow, Redfin, or another online service) or with the help of a real estate agent (who will have access to the far more expansive and accurate MLS network).
Rocket Mortgage recommends looking for comps that were built around the same time as your home, with a similar lot size and number of bedrooms and bathrooms. Check their estimated values and how much they sold for. It’s most helpful to look for homes that have changed hands within the last six months. The prices of homes sold previous to that aren’t as relevant.
In addition to all the factors mentioned above, finding homes in a similar condition to yours is crucial. As mentioned by Investopedia, it can skew your perspective if you consider comps that need significantly more work than your house does. Alternately, you don’t want to use comps that have been recently renovated – even if they were built in the same year as your house was – if your house still has outdated finishes and appliances.
Keep in mind that comps aren’t foolproof, and the value estimates provided by online listing sites like Zillow aren’t 100 percent accurate. Comps are a jumping off point that simply help provide context for your own home’s value.
Are real estate comps helpful to have when selling in the Asheville market?
Absolutely! Finding comps in your neighborhood (or as near as possible, if you live in a rural area) will help you estimate what your home’s price should be. An appraisal leads to a more accurate value, but it’s also helpful to know what similar homes have sold for in your neighborhood. If you miss this important info, you could miss out on making money on your home sale.
Using Real Estate Comps to Understand Asheville Real Estate Prices & Your Home Value
Now that you know what real estate comps are, here are four ways you can use them to better understand the Asheville market and value your home accurately.
1. Find your neighborhood sweet spot.
Comps can help illustrate where your “sweet spot” should be when it comes to pricing your home. Seeing what homes of a similar size and age have sold for will help you choose a price that isn’t too low or too high for your neighborhood. Depending on where your neighborhood is located, your sweet spot may be higher or lower than it would be if your home was in a different part of town, and that’s okay. What’s important is valuing your home correctly in relation to the neighborhood (while still getting what your property is worth at the end of the day).
2. Focus on the perks.
With our previous point in mind, it’s important to acknowledge that your home could be a diamond in the rough. If it has extra features that other homes in your neighborhood don’t have (like a pool, solar panels, or an in-law suite), don’t undervalue its perks. An appraiser and an experienced real estate agent can help you estimate the value of these desirable features so you get what you deserve for your home at closing.
3. Know your competition.
In addition to looking at homes that have sold, check out homes that are currently for sale in your neighborhood. Comps that are on the market are not just comparable – they’re competition. Your property will be directly competing with these homes, so their details are even more helpful when it comes to valuing your home.
4. Go on a field trip.
Once you have a list of comps, get out from behind your computer screen and take a field trip to drive past the homes in person. You can learn a lot from seeing the homes in real life, and you may learn things about the comps (and what they’re close to) by driving by.
How to Gauge When a Good Time to Sell (or Buy!) Is in Asheville
You may have heard about the Asheville housing bubble, but if not, you should know that houses have been selling for high prices throughout Western North Carolina for the past few years. Though the market is beginning to cool down, demand for homes in the Asheville area is still high. As a result, now may be a good time to sell your house, but the timing is highly subjective and depends on your situation. Additionally, the housing market in our area is also affected by the seasons (as mentioned in our post on the best time to buy a home in Asheville).
The internet is full of helpful resources when it comes to finding real estate comps. Looking up comparable properties in your neighborhood is easy, and comps can help you get a feeling for how much your home is worth. However, at the end of the day, choosing the right price can be tricky, and that’s why we recommend reaching out to the Freestone Properties team today. Our local experts have years of experience working in the Asheville real estate market, and they can help you navigate the competitive landscape and sell your home for a price you’ll be thrilled with. Contact us today – we look forward to hearing from you.
