Did your realtor (or you) hold a successful open house but get no offers? Your home could be the comparison house.
In the realtor’s world, a comparison house is the property used to show the benefits of other, more strategically priced homes. It’s the menu equivalent of lobster, so the prime rib looks like a bargain.
The easiest way to identify a market comparable is to find a home that’s been active — lots of viewings and a couple of open houses — is priced at the top of the comparables, shows extraordinarily well, and, still, has had no offers.
If this sounds like your home you need to take action. First, critically examine the neighbourhood comparables: Does your list price reflect the quantity of rooms (both in terms of numbers and size)? Does your price reflect the overall land and house square footage? Do you have more or less parking then competing homes? And how is your home situated in relation to neighbourhood transit and amenities?
If you notice that your price doesn’t reflect added value – regardless of how much you spent on your kitchen reno or that Jacuzzi bathtub – then it’s time to readjust the price.