Comparable Homes
“Comparable Homes: Understanding Market Value Through Similar Properties”
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Comparable homes, often referred to as “comps” in real estate terminology, are properties that have recently been sold and share key similarities with the property currently under consideration. These similarities typically include the number of bedrooms and bathrooms, overall square footage, location within the same neighborhood or vicinity, and often architectural style or age of the property. By analyzing comparable homes, buyers, sellers, and real estate professionals can make informed decisions regarding the market value of a specific home. This comparison process helps ensure that the asking price or offer reflects fair market conditions and aligns with recent trends. Comps serve as a critical tool in property appraisals and negotiations, offering concrete evidence based on actual transactions in the local real estate market.
From Zillow
