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Comparables or Comparable Properties

Comparables or Comparable Properties

Also known as "comps", are critical components of property appraisal. They are homes in the same or similar neighborhoods that have similar features and amenities as the property being appraised. The current value of a property is determined by analyzing the prices at which other comparable properties in the area have recently sold. In selecting comps, an appraiser typically looks at the location, size, age, type, condition, and quality of the various attributes of the home. For example, if an appraiser is valuing a three-bedroom, two-bathroom, single-family home, they would likely look at other recently sold homes in the same neighborhood with similar characteristics. Provide a useful benchmark for determining the current market value of a property. Appraisers analyze various factors such as the selling price, days on the market, and number of offers received to estimate the value of the property. By using comps, an appraiser can defend their valuation by demonstrating how it compares to other similar homes in the same market. Additionally, comparable sales data can be helpful for homeowners who may want to sell their properties in the future, especially when they need to price their properties competitively. Are essential to the appraisal process and help determine the current value of a property. As a result, it is important for appraisers to carefully select/selecting the appropriate comps to ensure accuracy in their valuations.
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