Mortgage Glossary
Comparable Sales
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
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.
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