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Comparables (comps)
By Contributor 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.
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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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