Nowadays it’s easy for home buyers to want to impulsively buy a house that they have fallen in love with because they are afraid that it will be snagged by another buyer with the same sentiments. With housing inventory in short supply, home buyers are quick on the trigger to purchase. A recent Redfin study also supports this with the fact that homes are on the market for less than 10 days before they are sold.
With the housing market being extremely competitive, it is in a home buyers best interest to really determine a home’s value. Using comparable sales, or comps as they are called in this industry, are recently sold homes that are comparable to a home you wish to purchase. This is a critical way to figuring out a home’s worth.
Here are ways of using comps to your advantage: