Joe Polyak February 2, 2021
There are lots of things to consider when you’re buying a home. Price and size are the two clear things, but several things to think about maybe less noticeable. I put together this list of the top 5 things that you need to keep in mind when reviewing comparable sales for a property that you’re thinking about putting an offer on.
You should do some real estate market research when looking at preparing an offer on a property. You want to look at properties that are of a similar size. Square footage should be probably within 500 square feet. If you’re looking at making an offer on a property that, let’s say, is 4 bed, 3 baths, 2,400 square feet, it’s still important to compare other homes sold in the neighborhood.
It’s important to consider everything when it comes to price per square foot. You should also consider the floor plan, the layout, the condition, the location, the proximity to a busy street, and a nice view. Homebuyers should consider all of these factors along with the price per square foot.
What is the condition of this property? You want to compare the quality and condition to other homes you see on the market. When you compare all of these things, it gives you a better idea of what offers a price range to put for your property.
There are properties in the San Francisco Bay Area that are half an acre or a third of an acre. However, many of that area is a downslope hill and relatively unbuildable. There will be properties in the Bay Area that are 6-8,000 square feet that are flat lots, and easy to build on. If you compare these two options, you will see that having extra flat land to build on is advantageous, even if the lot size is smaller. This property type is worth a lot more and is a lot more valuable to somebody who understands that and cares to build onto their home.
Home Value is largely affected by location proximity. Consider a home that’s right next to a city center. This convenient location is perfect for families. Also, think about a house that overlooks beautiful views. Or a home near downtown in any given city. This is ideal for work commutes, nightlife, etc. Think about what location works with your lifestyle, and let that weigh in your comparison of homes.
The above are the 5 things that you need to look at when you’re reviewing comparable sales. Additionally, you need an experienced and proactive real estate agent on your side. They can give insider tips, advice, and insights. Homes are very diverse in the San Francisco Bay Area. Prioritize having a professional on your side in the home buying process.
I hope this breakdown was helpful. If you have any questions or are considering working with us, please feel free to call or text me directly at 415.595.2647 or email me at [email protected]. I am also active on social media, so please follow me on Instagram, Facebook, and Youtube and connect with me on Linkedin!
Stay up to date on the latest real estate trends.
Valerie Mattei | December 9, 2023
Valerie Mattei | November 22, 2023
Valerie Mattei | November 12, 2023
Valerie Mattei | November 3, 2023
Valerie Mattei | October 20, 2023
Valerie Mattei | October 11, 2023
Valerie Mattei | September 26, 2023
Rachel Portnov | September 22, 2023
Rachel Portnov | September 7, 2023
You’ve got questions and we can’t wait to answer them.