What is/are comps?
2 Replies
Sunil Chauhan
from Willenhall, West Midlands
posted over 5 years ago
Hi All,
I'm a UK citizen and want to invest in the US for retirement purposes and just wanted to know what is/are comps? Many thanks in advance to all.
Sunny
Russell Brazil
(Moderator) -
Real Estate Agent from Washington, D.C.
replied over 5 years ago
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.
Sunil Chauhan
from Willenhall, West Midlands
replied over 5 years ago
Thank you so much Russell Brazil for your prompt reply. Have a great day!!
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