Comparables (comps) | Propertylogy

Comparables (comps)

By on January 11, 2019

Comparables is a term used in appraisals to refer to recently sold or rented out property that is very similar to the property being appraised.

It is often referred to as comps.

This is an important factor in estimating a house’s value as it is a direct indication of how much the open market values the property.

While the more identical the comparable is to the property being evaluated, a good comparable is not necessarily physically similar.

Other aspects of property value play as much a role as the size and shape of the property in question.

On top of that, it’s best use and conformity can also be critical elements.

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