Page 3 - Lakewood Village Real Estate Edge April 2019

Real Estatez

WHAT ARE COMPS IN REAL ESTATE?

by Jane Whitten RECENT SALES PRICES
When your agent is looking
f you’re selling a home at houses that have sold
in Lakewood or Long recently, she’ll see how much
I Beach, you’ve probably they sold for – it’s a good
heard your real estate agent— indicator of how much yours
or someone else’s agent—talk will probably sell for, too.
about, comps.
The term comps refers to STYLE AND OTHER DETAILS
comparable properties. Your If you’re selling a condo,
real estate agent will look at there’s a good chance that it’ll
homes like yours to figure out sell in the same price range
how much a buyer is likely to as every other condo in the
want to pay for it. The homes building. However, if one has SPOTLIGHT
your agent will look at will different views – let’s say one
be: Homes currently on the that sold last month has views
market within a certain radius of a factory in an industrial
and Homes that recently sold area and yours has views of
within the last 90 days. the sparkling swimming pool
Your agent will look at determine whether a home is two different markets. NUMBER OF – that has a lot to do with its
the most recent data, which like yours, including: Location Likewise, even within the BEDROOMS AND value. Your agent will adjust
means they’re only checking must be in the EXACT same same city, prices can vary BATHROOMS her suggested sales price based
the last few months. The real city, Size or square footage, greatly. She’ll look at your Your agent won’t compare on your home’s style, its
estate market (especially in Number of bedrooms and home’s location and find your three-bedroom, two- views and other details that
Lakewood and Long Beach) bathrooms, Recent sales homes within a short radius bathroom home to a six- make it different from similar
changes quickly, so what prices, Style and details of to compare it to bedroom home with seven homes. If you are considering
buyers were paying last season improvements made. bathrooms. Like size, the a move in the upcoming
isn’t necessarily what they’re SIZE number of bedrooms and months or just curious about
paying right now. LOCATION Your home’s square bathrooms matters a lot the value of a home, give
Your agent isn’t going footage has a lot to do with when it comes to home Allison Van Wig a heads-up,
WHAT REALTORS® to compare your home in how much it’s worth, so your pricing. She’ll only compare she would be honored to get
LOOK AT AS COMPS Long Beach to a home in agent will look at similarly your home to those with a you the answers you need.
Your real estate agent will Lakewood–it just doesn’t sized homes to help her arrive similar number of beds and Allison@superbroker.com or
look at several factors to make sense because they’re at a price. baths. 562.882.1581. n
LAKEWOOD VILLAGE MARKET UPDATE

REAL-TIME MARKET PROFILE MEDIAN LIST PRICE

Never miss important changes in the Long Beach market.

LONG BEACH, CA 90808

MARKET ACTION INDEX

52

562-882-1581

WWW.SUPERBROKER.COM
ALLISON@SUPERBROKER.COM

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