What do you do when your unique property has no comps?
You have a great property, you bought it because it was unique. You wanted your home to be like none other. No cookie cutter floor plan, no model name like a dozen other homes in the community.
Now it is time to sell your home and the uniqueness that attracted you can make it more difficult to sell. How so?
Usually buyers and buyer’s agents want to find comparable properties so they can “compare” and see if the asking price and price per square foot are like other homes in the area. It is a common tool for evaluating the asking sale price of any property.
But your property is unique, there are no properties like it in your community, area, town, etc. How can you the seller help buyers evaluate the “value” of your home?
The Property is Unique that should be enough
Sounds perfectly reasonable to the you, right? Well, it isn’t. Buyers can sometimes find that attitude toward standoffish. It falls under the category of “My house is more valuable than any other” It is funny when that same seller puts on their buyer hat and then sing a new song, “Your property can’t possible be worth that much”. There is a better option.
Get an appraisal before you list
One very effective tool is to have a recent appraisal on hand to show potential buyers. An Appraiser is a professional at assigning value to property, unique or not, it is what they do. Having that appraisal to show potential buyers, can defuse the issue of your unique property has no comps.
And appraisal is also helpful for your listing agent. Buyer’s agents often call the listing agent when they have a potential buyer and they can’t find any comps for the property. Often the first question for your agent is “How did you comp this property?”
Having a recent appraisal can help in this situation. “It is a very unique property, there are no comparable properties. Therefore, we have an appraisal of the property you can share with your buyers.”
Unique properties require unique solutions when there are no comparable properties.