Comparable Sales
Comparable sales, or comps, are recent sales of similar nearby homes that appraisers and agents use to estimate a property's market value.
What Comparable Sales means
Good comps match in size, age, condition, and location and sold recently. Appraisers adjust for differences to arrive at a supported value. Comps anchor both list prices and appraised values.
Florida example
An appraiser valued a Clearwater home using three comparable sales within a mile that closed in the prior 90 days, adjusting for a smaller lot and an extra bathroom.
What they are
Comparable sales, or comps, are recent sales of similar nearby homes. Appraisers use them to set a fair value.
Location, size, and condition all factor in.
Why they matter
Comps decide the appraised value that your loan is based on. Strong comps support your price.
We help you understand the comps on your deal. Apply now and we will guide you through the value.
Verify the details for your own situation against these government and agency sources: CFPB Owning a Home guide and HUD homebuyer resources.