Question for realtors re:comps

[Anonymous]

Looking at a townhouse condo (2 units to!1 building). The other side of the complex has fully detached condos.

Is it more important to pick comps that are townhouses (there are 5-6 in the last 12 months, a couple are 200 sq ft smaller) or detached condos that are at least as big as the subject townhouse.

My agent and I had an argument about this. I say we need to look at townhouses as there are enough recent sales. She sent us bigger, detached condos that hike the price.

Curious what the realtors of DCUM say!

[Anonymous]

I would pick the more similar unit types, that the most probable buyer of your unit would be looking at. It sounds like you have an idea of the price you think is reasonable.

Prices may be fluctuating, so maybe your realtor is trying to reflect an increase in prices within the neighborhood that is demonstrated by more recent sales. Maybe you can look at trends and see if you need to adjust your asking price based on higher prices at the detached units and lack of inventory.

[Anonymous]

The units that are similar to what you describe often have outrageous HOA fees. You shouldn't be expecting a townhouse with a $1,000 fee to to sell for the same price as one with a $150 fee.

[Anonymous]

Anonymous wrote:I would pick the more similar unit types, that the most probable buyer of your unit would be looking at. It sounds like you have an idea of the price you think is reasonable.

Prices may be fluctuating, so maybe your realtor is trying to reflect an increase in prices within the neighborhood that is demonstrated by more recent sales. Maybe you can look at trends and see if you need to adjust your asking price based on higher prices at the detached units and lack of inventory.

Thanks! We were the buyers and backed out as seller was a jerk to us.

[Anonymous]

Anonymous wrote:The units that are similar to what you describe often have outrageous HOA fees. You shouldn't be expecting a townhouse with a $1,000 fee to to sell for the same price as one with a $150 fee.

Good point. Will check.

[Anonymous]

Ha! I checked the detached condos. HOA feees close to $650/mo. This townhouse has HOA fees not even $450/mo. And he had listed at close to $1mil.

Our sellers list price seems to have been like the old MakeMeMove price Zillow had. I bet he does not get what we offered. We are a bit desperate for a home and will consider a condo, and were willing to overpay 50k. Lots of people won’t.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would pick the more similar unit types, that the most probable buyer of your unit would be looking at. It sounds like you have an idea of the price you think is reasonable.

Prices may be fluctuating, so maybe your realtor is trying to reflect an increase in prices within the neighborhood that is demonstrated by more recent sales. Maybe you can look at trends and see if you need to adjust your asking price based on higher prices at the detached units and lack of inventory.

Thanks! We were the buyers and backed out as seller was a jerk to us.

Curious what the seller did that made you back out?

[Anonymous]

As a buyer,
You should look at the same town house 2 units to one building.( Apples to Apples comparison)
Then adjust prices based on upgrades, appliances, mechanical, location within the neighborhood, views etc.
Not an agent answer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would pick the more similar unit types, that the most probable buyer of your unit would be looking at. It sounds like you have an idea of the price you think is reasonable.

Prices may be fluctuating, so maybe your realtor is trying to reflect an increase in prices within the neighborhood that is demonstrated by more recent sales. Maybe you can look at trends and see if you need to adjust your asking price based on higher prices at the detached units and lack of inventory.

Thanks! We were the buyers and backed out as seller was a jerk to us.

Curious what the seller did that made you back out?

He verbally accepted our counter offer (very small increase) to his counter, and insisted the agents pass on a warning to us to not nickel-and-dime him after inspection. He said he did not want to spend money on fixing broken hinges and small stuff, and we could walk away if we were going to present him with a laundry list of things to fix. Still went ahead and submitted. He did not sign for over 24 hours because he flew down to Florida, then played golf, dinner with friends, went out to golf the next day. We withdrew our offer at that point. Listing agent promised he could get him off the course in 5 minutes to sign as he was fine with the price but really? Not interested in playing games with someone who showed us exactly how difficult it would be to deal with him.

[Anonymous]

Anonymous wrote:As a buyer,
You should look at the same town house 2 units to one building.( Apples to Apples comparison)
Then adjust prices based on upgrades, appliances, mechanical, location within the neighborhood, views etc.
Not an agent answer.

We did that eventually.