28 September 2022

Comparable Sales

Comparable sales, also known as comparables or comps, is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought.

Comparable sales are used by an appraiser to establish how much a home is worth based on what other similar homes in the area have sold for recently. Only homes that have legally closed count as a comp, and most lenders and insurance providers require appraisers to use at least three closed sales.