What Are Comps? How South Jersey Home Sellers Can Use Them to Price Their Property Right

When it's time to sell your home in South Jersey, one of the most important steps is figuring out the right price. Price too high and your listing might sit stale. Price too low and you could leave money on the table. This is where comps - or comparative market analyses (CMAs) - come into play.

What Are Comps?

In real estate, “comps” are recent home sales in your area that are similar to your property in key ways, such as:

• Location (same neighborhood, town, or school district)

• Square footage

• Number of bedrooms and bathrooms

• Lot size

• Age and condition of the home

Buyers, sellers, agents, and appraisers all use comps to gauge what a property is realistically worth in today’s market.

Why Comps Matter for South Jersey Sellers

South Jersey’s real estate market can vary a lot - values in Marlton, Haddonfield, or Medford won’t always mirror homes just 15 miles away. Pricing based on local comps helps you:

• Attract serious buyers from the start

• Avoid sitting on the market too long

• Strengthen your negotiating power

• Pass the appraisal (a must if your buyer is financing)

How to Find Comps in South Jersey

Your real estate agent will typically pull a Comparative Market Analysis (CMA) using the MLS (Multiple Listing Service). This report will show:

• Recent sale prices of similar homes

• Active listings (your current competition)

• Pending sales (homes under contract)

• Expired listings (properties that didn’t sell)

You can also do some DIY research using platforms like Zillow, Redfin, or Realtor.com - but keep in mind, these won’t be as precise as MLS data.

Tips for Using Comps to Price Your Home Right

1. Focus on recent sales - ideally within the last 3-6 months.

2. Compare apples to apples - make sure the comps have similar upgrades, layouts, and square footage.

3. Adjust for differences - if your home has a finished basement or updated kitchen and the comps don’t, factor that in.

4. Pay attention to days on market (DOM) - if comps sold quickly, it’s a sign of strong demand.

South Jersey Market Insight

In areas like Moorestown, Washington Township, or Collingswood, buyer preferences can change fast depending on inventory and mortgage rates. Comps are your best tool to keep your price aligned with the market - not behind it.

Final Thoughts

Pricing your home right is a big deal. Working with a local real estate expert who knows the ins and outs of South Jersey neighborhoods gives you a clear advantage. A strong comp-based pricing strategy helps you sell faster and for the best price.

Don’t guess your home's value - let’s find it together. Get your free home valuation now and contact us for a zero-obligation breakdown of this valuation.