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Understanding ‘comps’ when selling your home

August 11, 2016
BY LAURIE S. LOWSON • Lowson & Associates , Lahaina News

You have decided to sell your home, be it a single-family, a condominium or a vacation rental that just is not fitting your lifestyle. How do you arrive at a selling price?

1. Consult a Realtor - she will provide a comparative market analysis, or CMA. This list is commonly referred to as the "comps." There are several components to a CMA, including the ACTIVE listings: homes actively listed for sale that have not received an acceptable offer. The PENDING listings - the sellers have accepted an offer, and the buyer is doing his "due diligence," securing a loan and reviewing documentation in relation to the purchase. Then there are the SOLD listings: similar properties that have sold or closed escrow within the past 6-12 months. The comps will give you an idea of how to price your property.

Additional things to consider when looking at the "comps" include location - how is your property located compared to the sold properties? Be honest. You may love looking at the lush green foliage blocking your ocean view; however, most buyers on Maui look to maximize ocean views. Plan to do what you can do to maximize views.

Article Photos

19 Hoaka Place, a three-bedroom, two-and-a-half-bath remodeled home,
is available within the gated community of Kauhale Mahinahina.

Renovations: If your home was built in 1980, has a major overhaul of the property been completed within the past five years? If the last renovation was in the mid 1990s, you may need to consider that a buyer will want to do a serious updating to your home. Most buyers will take into consideration the cost of a major upgrade when making their offer.

When looking at the CMA, focus on the SOLD listings. That is what people have been willing to pay within the past 12 months. This is very important. Active listings are an offer by a seller of what they would "like" to sell their property for. SOLD listings show what the market (actual buyers) saw the value to be. Remember that a properly staged house generally sells faster and for more money than a "lived in" house.

Currently, I am representing a home for sale within the gated community of Kauhale Mahinahina. 19 Hoaka Place is a three-bedroom, two-and-a-half-bath remodeled home. Enjoy the peace and serenity of your fenced yard, large lanai and the quiet, private location within this subdivision. The "great room" has Travertine floors and a split system A/C. Freshly painted walls provide a clean pallet to start fresh in your new home. Covered lanais provide additional living and entertaining space. There is a one-car garage with additional exterior storage. The lawn has new sod.

Well-positioned for today's residential market, this move-in-ready home at 19 Hoaka Place is available for $785,000. To schedule a private viewing, text or call Laurie Lowson, Realtor, at (808) 276-8001. To view online, go to www.Lowson.com or e-mail Laurie@Lowson.com.

 
 

 

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