Buying a home without paying attention to sales comps (or doing your homework—verifying square footage, etc.)
Sounds pretty basic, but you wouldn’t believe how many times investors use comps that have very little to do with the property they just purchased.
For example, purchasing a home on the outskirts of a popular area and using a comp that is in the interior of the neighborhood.
Another example, purchasing a home that has a flat roof line but using a comp that has several gables.
You must compare apples to apples; especially in a buyers market!
Jennifer Raney Herriage
Ebby Halliday Realtors