Comparable sales (comps)
Recently sold homes near the subject property that are similar in size, age, and features. Appraisers and agents use them to estimate value.
Also called: comps, comparables, sold comps
Related terms
Dollar amounts an appraiser adds to or subtracts from a comp's price to account for differences like an extra bedroom, a garage, or a pool.
The main way homes are appraised: comparing the property to recent similar sales and adjusting for differences.
An agent's estimate of a home's likely sale price based on recent nearby sales and current listings. It guides list prices and offers but is not an appraisal.
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.
A home whose sale has closed and ownership has transferred to the buyer. Sold prices are public in most states and are used as comps to price other homes.