Comparable Sales

Comparable sales, or "comps," refer to recent sales of similar properties in the same area that are similar in size, condition, and features. They help determine a fair market value for a property by comparing it to these recent sales. For example, if a house sells for a specific price, other similar homes nearby that sold recently might be valued similarly. Real estate agents and appraisers use comps to assess how much a property is worth, ensuring that listings or offers are realistic and based on recent market trends.