Buy · Making an offer
How much should I offer on a house in Florida? Reading comps like an agent does
The list price is the seller’s opinion. The comps are the market’s. Here’s how I read them with my buyers so we land on a number you feel good about.
What’s a comp?
A comp (comparable sale) is a recently sold home that’s similar to the one you like: location, size, age, condition and features. Appraisers working for most lenders use at least three closed sales, generally from the past 12 months.
| Good comp | Weak comp |
|---|---|
| Sold in the last 3–6 months | Sold a year ago, or still active |
| Same neighborhood or a very similar one | Across a major road, or in a different HOA or CDD |
| Similar size (within about 10–15%) | Much bigger or smaller |
| Similar age, style and condition | New build vs. 30-year-old original |
| Similar features: pool, garage, lot, view | Pool home vs. no pool |
Active and pending listings show you the competition. Only sold prices show what buyers actually paid.
Adjusting for differences (made-up example)
Numbers invented to show how adjustments work. Real adjustment amounts depend on the market.
| Home you like | Comp A | Comp B | Comp C | |
|---|---|---|---|---|
| Sold price | — | $395,000 | $410,000 | $388,000 |
| Pool | No | No | Yes (−$20,000) | No |
| Updated kitchen | Yes | No (+$10,000) | Yes | Yes |
| Garage | 2-car | 2-car | 2-car | 1-car (+$8,000) |
| Adjusted value | $405,000 | $390,000 | $396,000 |
The takeaway: this home is worth about $390,000 to $405,000. Listed at $419,000? It may be priced high. Listed at $379,000? Expect competition.
The rule: if the comp has something your home doesn’t, subtract. If it’s missing something your home has, add.
Beyond the comps
- Days on market. Sitting for a while? More room to negotiate. Brand new with lots of showings? Less.
- Price changes. A recent price drop can signal a motivated seller.
- Condition. Older roof or AC? Factor in what you’ll spend soon, and what it does to insurance (roof, 4-point and wind mitigation).
- Terms. A quicker close, a bigger deposit or fewer contingencies can matter as much to a seller as price (cash vs. financed offers).
- Your own number. What would you regret more: paying a little more, or losing the home?
Expecting a bidding war? An escalation clause can help you compete without guessing.
Ready to make an offer?
I’ll pull the comps, walk you through them, and help you pick a price and terms you feel good about. No guesswork, no pressure!
Frequently asked questions
What if my offer is higher than the appraisal?
If you're getting a loan, the lender lends based on the lower number. You'd cover the gap in cash, renegotiate, or use whatever protections your contract gives you.
I'm a real estate agent, not an appraiser. Example numbers are made up.
Sources
Related answers
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