Recent Nearby Sales displays a list of homes recently sold in the neighborhood. These are not comps. However, this tends to be what homeowners are most curious about – what did their neighbors sell for? It also gets homeowners to start asking questions that an agent can help answer, such as “Why did Bill’s home sell for less than the median?”
Nearby Sales vs. Comps
Everyone likes to talk about Comps. It's natural -- the discussion about similar homes on the market and their pricing will come up eventually. And yes, it is extremely wise to keep Comps in your back pocket at all times, just in case.
But put yourself in the shoes of a first-time home-seller. There's a chance that they might not even know what the term Comp means. What really piques their interest though? What their neighbors sold for.
It also gets homeowners asking questions. If someone saw homes sold on the map below, they might ask: "Is having property near the main drag really worth hundreds of thousands of dollars more?"
How to: Talk About Nearby Sales with Homeowners
1. Discuss how their property might compare to their neighbors:
“Yes, Bill’s house was built a few years after yours. But it has PVC water pipes, not copper. Copper’s better durability adds value.”
2. Help determine what is an appropriate listing price:
“You should be able to sell for more than Bill did.”
3. Reassure the homeowner that any national market trends may not pertain to their specific market!