It’s a term that real estate professionals like to throw around. Comparables, or “comps”. This terms refers to the process of reviewing other homes in the general area that are similar in size or location and style which have recently sold. It’s part of the analysis to see how the property considered for sale stacks up against the competition. While you want to consider what similar property types are currently listed at to see where you might fit it, it’s the recently sold properties that will give you a truer picture.
Comparables aren’t black and white
There are some grey areas when it comes to comparables. While it is sort of a science, there are lots of variables which can be open to interpretation.
For example, it’s important to…