Given the thriving nature of the real estate market in recent times, real estate comps in Orange County CA is a term which often gets thrown around during dealings and transactions. To a layman, the term, ‘Comps’ will quite rightfully seem confusing. ‘Comps’ is actually a short term for ‘comparable sales’, which refers to homes situated in the same location and highly comparable in dimensions, condition and other characteristics to the property which the proposed seller or buyer is looking forward to sell or buy.
Potential buyers look at comps when coming to a conclusion regarding what price bracket to start with as they pitch an offer on a property, and sellers use the term to work out what is the highest price or rather the standard price they can ask for when selling a piece of property.
The importance of real estate comps in Orange County CA
Any qualified real estate agent in Orange County CA will know the importance of these comparable factors, as they determine the amount of commission they can cut on a deal. They keep a track of comps regularly as a technique of maintaining a top spot in their local market. Real estate comps in Orange County CA are a subject of constant speculation and debate in real estate agent circle.
Whether it is a buyer or a seller, it is highly advisable to have a plan to analyze comps, for the reason that all comps are not created equal, and they are helpful in determining the value of a property.
The main aim of real estate comparables is to set a correct price for a property. Here are the factors that are taken into consideration when determining the value of a property –
Size of the house: In case the house about to be sold or bought is 3,000 square feet (for example), both the selling party and buyers would want to check out other houses which are also 3,000 square feet in size. It is one of the primary factors in real estate appraisal in Orange County CA.
Total number of bedrooms or bathrooms: While this may seem a rather trivial detail for the best realtor in Orange County CA to discuss, however, almost every realtor is on a regular basis, faced with the question of total number of bedrooms or bathrooms available in a house. The answer to this question often matters a lot more than the total size of the home, especially if the buying party involves a family. Despite the fact that size is significant, usefulness is a better device for comparability. The buyer, while measuring these two comps, is faced with two kinds of choices – they can either have a four-bedroom, two-bath property that is 3,000 square feet, or they can go for a same sized property divided into a one bedroom and one bath combination. The total number of bedrooms and bathrooms in two properties are required to be similar so as to be considered in a comparable range. This factor too is a crucial factor for calculating real estate comps in Orange County CA.
Sale price: Since housing prices alter from every month and season, the comps should preferably be houses that were sold inside the past year in order for it to be considered accurate.
Style, view, and other specifics: Homes which are located at similar altitudes and locations possibly have similar views—the type of view (sea, forest, etc.) also matters a lot as a comp. Since views have a lot to do with a home’s inherent prestige and class, real estate comps in Orange County CA consider this factor very important while appraising and marketing properties.
Gerry Goodman Real Estate Services – The Best in the Business
Since its inception, Gerry Goodman Real Estate Services has positively supported proprietors and potential home buyers by delivering fair and accurate real estate comps in Orange County CA. Widely regarded and respected as the best in the trade for over 25 years, Gerry Goodman is presently operating in Orange County CA, in the cities of Anaheim, Anaheim Hills, Yorba Linda, Newport Beach, Dana Point, Laguna Beach, Huntington Beach, Irvine, Tustin, and Aliso Viejo.