Comparable sales are the sales prices of similar Edmonton properties that have been sold recently. They are used as an example of buyers or sellers to assert something about the price for example why a buyer doesn’t want to pay more for an Edmonton property because he/she knows that a similar Edmonton home cost less.
To help you understand more about Edmonton comparable sales here are some main factors to look out for.
In today’s Edmonton real estate market when you need to compare similar Edmonton homes for buying or selling Edmonton properties, the timeline for comparative sales is at least in the last 3 months. Back then it was more than 3 months but because of the volatile market, it has become to a tightening 3 months.
Know that when comparing Edmonton properties there is a limited proximity between them. This will depend on the location and the environment around it. An Edmonton home close to a noisy street will differ from than of an Edmonton home in a quiet suburb.
Construction and Age
The difference with the construction and age of Edmonton properties can tip-off a lot of people when comparing similar Edmonton homes. The value of the materials used with the Edmonton houses should be considered for example a tile roof can last more than standard shingles.
When comparing the square footages of Edmonton homes know that smaller Edmonton properties will cost more than the square footage of bigger once that’s why it’s not ideal to compare the price of a 100 square foot Edmonton home and multiply it by 3 then you determine the price of the 300 square foot Edmonton home.
The conditions of Edmonton properties in a certain location can be known by an Edmonton real estate agent specializing in that particular area. Unless you hire one with that kind of expertise chances are you won’t know the conditions of the Edmonton homes you’re comparing.
If you’re comparing Edmonton homes in a subdivision then there is a chance for you to find an exact replica of the Edmonton home to compare.
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