What is/are comps?

2 Replies

Comps is short for comparable sales. So in order to determine the value of a property, we typically look at properties that are comparable to it that have sold recently to really get an idea of it's value. So if it is a 3 bedroom 2 bath rambler that has been updated, we might look for other updated 3/2 ramblers within a certain distance of the property that have sold in the last 6 months to give us an approximate value of the subject property.

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