When you’re interested in buying a home, whether it’s a large farm in North Florida or you’re looking for non-deed restricted land for sale in Lake City or Live Oak, your home appraiser (the one your lender appoints to the task) will look for comparable sales.
But what are comparable sales, and why do they matter for financing?
What Are Comparable Sales?
Comparable sales are homes similar to yours that have sold. They’re not currently active real estate listings, and they’re not homes or properties that already have offers on them.
Your lender’s appraiser will need to look at comparable sales to see how a certain home or property stacks up against what’s out there—and by examining them, he can value the property you want to buy.
What Does an Appraiser Look at for Comparable Sales?
In order to really be a comparable sale, a house or property must:
- Have sold within the past three months or so
- Be close (usually within a quarter-mile or a half-mile) of the property you’re thinking about buying
- Have similar square footage or size
- Be of similar age and construction
- Have similar lot size
- Be in the same or similar condition
Are You Buying a Home in Lake City or the Surrounding Communities?
We’d love to help you find your dream home here. Call us at 386-243-0124 or get in touch with us online to let us know what you’re looking for so we can start searching right away.
In the meantime, take some time to explore:
- Waterfront Residential
- Waterfront Land
- Bank Owned & Foreclosures
- Short Sales
- Paved Road Frontage
- Non Deed Restricted Land
- Wooded Oak Tree Land
- Land for Land Home Combo