Real Estate Terms Glossary
What are Comparables?
Comparables, popularly known as “comps,” are properties professionals use for comparison during the real estate appraisal process. Keep in mind that comparable properties or comps have similar attributes, such as age, size, and location, to the property or home being valued.
Comps are used by professionals to determine a property's fair market value usually through the sales comparison method to pricing property.
When considering comparables, real estate professionals determine how much other properties or homes in the neighborhood or area, of similar size, age and with similar amenities, sold to get a better idea of how the property on the market must be priced.
Example of Comparables
- Example 1: Single-family homes
- Example 2: Condos
Here’s Wikipedia’s definition of comparables .
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