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Read ‘comps’ with a grain of salt — and realism

Read ‘comps’ with a grain of salt — and realism

In the grips of rapidly rising home prices, it is easy for home sellers to get swept into the stratosphere when it comes to assessing their home’s value.

With so much information available instantaneously on your smart phone, you can get the scoop on every house for sale in your neighborhood right from your own living room couch. You look at the prices they are asking, and those big gold dollar signs are imprinted on your irises, like a character from the Saturday morning cartoons.

Of course, you’re drawn to the largest numbers associated with the houses for sale in your neighborhood. You skim right past the unimportant and ridiculously low-priced homes that sold last month and look a lot like yours.

Immediately, you transfer that big, beautiful number to what your house is worth today. You may even add a little more to that number, since prices are on the rise.

After the choir of angels ascends back into the heavens, keep your seat on the couch. You may need to make a few adjustments to that huge number you just attached to your house.

If your house is smaller, in terms of square feet of living space and number of bedrooms and bathroom, than the house asking the big bucks, you’ll need to subtract some.

If your house doesn’t have a view similar to the one you’re drafting off of, you may need to subtract some.

If your house doesn’t have a sparkling swimming pool like the one up the street, you may need to subtract some.

If your house doesn’t have a Wolf gas range, SubZero side-by-side refrigerator and freezer, granite counters, new kitchen and bathroom cabinets and immaculate hardwood flooring featured in your neighbor’s house, you may need to subtract some.

If your house is perched immediately above a major neighborhood thoroughfare, meaning one of the six lane arteries that cut across Orange County carrying motorists at speeds of 55 miles an hour or faster, and your neighbor’s house with the huge price tag is on a quiet, interior lot, you may need to subtract some.

And if your neighbor’s house hasn’t even sold yet, you both may need to subtract some.

So before you get too attached to that huge number, peel yourself off the couch and take a look at how your house compares to the one down the street with the huge price tag.

After assessing how your house compares, those seemingly unimportant and ridiculously low-priced houses that sold last month may deserve a closer look.

Leslie Sargent Eskildsen is an Orange County real estate agent. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com. Her website is leslieeskildsen.com. Past columns can be found at WhatAgentsFearTellingYou.com.

The Orange County Register – News Headlines : Real Estate News