Comparable sale (comp)

A recent completed sale of a property that is used to estimate the value of a similar property

Comps come in handy when you’re trying to set a property’s sale price or you just want an updated value – they provide a good reference point, so you don’t over or under price your home’s value. Appraisers, certified professionals who estimate the fair market value on homes, also use comps to help them evaluate properties.

You should use comps that were sold in the last six months and are similar to your home in age, style, size, condition and location. Real estate agents also have easy access to comps via an online network. Keep in mind that other factors, such as market conditions also affect a home’s selling price.