People who are new to real estate are not familiar with the term Comparable Sales. A formal definition states that the revenue generated in recent times in a particular location and the revenue generated in the same location in the past are related. But if you are planning to put any Lakewood homes for sale, then you need to add a few points to your knowledge.
The Location is Everything
When an agent evaluates the total value of the house, he keeps notes of every recent deal and current market list of your area to calculate a reasonable price for a home. Your home may value more than a home in another locality, and you can't compare these two homes.
Timing is Important
If you are comparing houses sold in your area recently, it is important to note that the market may fluctuate at any time. So, if you go back to the deals made a year ago and start comparing your own home with that, you may end up with a lower price than expected. For this, it is necessary to keep your search limited to 90 days or six months if you can't find any listing within the 90 day period to get an accurate study of the market.
Not Every House is Comparable
Even if you find all listing of houses on sale in the last 90 days in your area, it is not necessary that you can compare your home with others so easily. There are other features of the house that add to the value of the house, such as the house is furnished, walls are newly painted, the house is lake facing.
A professional can check for these factors and calculate the right value of your home, and after you have understood what comparable sales are, now you can contact us to talk to our experienced agents for help.