{"id":844,"date":"2023-02-15T08:20:29","date_gmt":"2023-02-15T12:20:29","guid":{"rendered":"https:\/\/peggy-jensen.c21.ca\/?p=844"},"modified":"2024-03-14T02:16:26","modified_gmt":"2024-03-14T05:16:26","slug":"what-are-comps-in-the-real-estate-market-and-why-are-they-important","status":"publish","type":"post","link":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/2023\/02\/15\/what-are-comps-in-the-real-estate-market-and-why-are-they-important","title":{"rendered":"What are &#8220;Comps&#8221; in the Real Estate Market and Why Are They Important?"},"content":{"rendered":"\n<h1>\n\t\tWhat&#8217;s My Home Worth?  Home Value?  | Peggy Jensen &#8211; Century 21 Trident Realty\n\t<\/h1>\n\t<p><img decoding=\"async\" src=\"https:\/\/peggy-jensen.c21.ca\/files\/2023\/02\/Comps-Peggy-Jensen-Halifax-Realtor.jpg\" alt=\"\" width=\"541\" height=\"358\" \/><\/p>\n<p>What are comps and why are they so important?\u00a0 \u00a0Every industry has their own jargon including the real estate industry. \u00a0When you decide to buy or sell a house, you will hear many words that you might not be familiar with.\u00a0 If you&#8217;re unfamiliar with the word, &#8220;comps&#8221;\u00a0 is short for comparables.\u00a0<\/p>\n<p><strong>What Makes a Good Comparable?\u00a0<\/strong><\/p>\n<p>Comparables are houses that are currently on the market, under contract or recently sold. They&#8217;re used to compare a house you&#8217;re planning on buying or selling against others in the market.\u00a0 Comparables should be chosen objectively.\u00a0 Sometimes this can be difficult in a shifting market if there aren&#8217;t many homes that have sold recently.\u00a0 Of course, no two houses are exactly alike either.\u00a0 Some similarities will probably include:<\/p>\n<ul>\n<li>Location and neighbourhood<\/li>\n<li>Square footage of home<\/li>\n<li>Lot size<\/li>\n<li>Similar number of beds, baths and rooms<\/li>\n<li>Condition (updates, curb appeal, presentation)<\/li>\n<li>Sold and recently closed<\/li>\n<\/ul>\n<p>In a shifting market, everyone in the industry agrees that it can be difficult to pinpoint solid comparables.\u00a0 The Nova Scotia real estate market experienced an anomaly with all-time highs in 2022.\u00a0 This phase has eased up.\u00a0 Homes are not seeing huge amounts of multiple offers and wild above asking prices.\u00a0 \u00a0The market has somewhat stabilized for right now.\u00a0 In most areas prices aren&#8217;t plummeting.\u00a0 Since inventory has been low and continues to be, it can be difficult to find a lot of comparables within a short time period.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>The Takeaway:<\/strong><\/p>\n<p>Sellers are hanging on to proof that their house is worth a certain amount based on sales when prices were at an all-time high.\u00a0 On the other hand, buyers often feel that prices <em>should <\/em>be coming down based on news of the shifting market and higher interest rates.<\/p>\n<p>While comps are useful in determining values, a shifting market will present a challenge for sellers and buyers.\u00a0 \u00a0It takes some time for data to catch up.\u00a0 A real estate agent will do a thorough market analysis using the most recent comparables available and be up to date on the most recent market trends in the area.\u00a0<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>What&#8217;s My Home Worth? Home Value? | Peggy Jensen &#8211; Century 21 Trident Realty What are comps and why are they so important?\u00a0 \u00a0Every industry has their own jargon including the real estate industry. \u00a0When you decide to buy or sell a house, you will hear many words that you might not be familiar with.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":28226,"featured_media":846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[22,15,16,11,10,17,12,23,13,19,20,21,18],"class_list":["post-844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-home-hotline-tips-updates","tag-buyers","tag-comparable","tag-comps","tag-dartmouth","tag-halifax","tag-market","tag-peggy-jensen","tag-real-estate-agent","tag-realtor","tag-realtorbuyers","tag-sellers","tag-shifting","tag-trends"],"_links":{"self":[{"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/users\/28226"}],"replies":[{"embeddable":true,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/comments?post=844"}],"version-history":[{"count":4,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/844\/revisions"}],"predecessor-version":[{"id":1045,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/844\/revisions\/1045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/media\/846"}],"wp:attachment":[{"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/media?parent=844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/categories?post=844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peggy-jensen.c21.ca\/fr-ca\/wp-json\/wp\/v2\/tags?post=844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}