Comparables are homes on the real estate market that have similar attributes to a specific property that buyers are considering and that have recently sold via traditional platforms or processes. If you want to learn more about Los Angeles home values in a specific area, you would pick a single home and then look at its value in comparison to a number of comparables. This will give you the best understanding of how much specific types of homes are selling for in a neighborhood under normal conditions, such as single family homes, luxury condominiums or townhouses Using comparables eliminates many of the variables that distort market information such as distressed properties and homes that have sold at auction among other things. Whether buying or selling, when you work with a Los Angeles real estate agent, this professional will use comparables to help you establish a reasonable budget for your purchase or a fair sales price for the home that you are hoping to offload.
