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In real estate, comparables — known as comps for short — are one of the most important tools used to determine how much a home is worth. Whether you’re trying to price your home for sale ...
Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. This can be accomplished either by a real estate agent who attempts to establish the value of a potential client's home or property through market analysis or, by a licensed or certified appraiser or surveyor using more defined ...
The real estate professional will consider comparable homes, the home’s age, the size of the property, zoning requirement and the property’s condition to determine the BPO.
The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the ...
Values may be determined based on recent sales of comparable property. [31] The value of most homes is usually determined based on sales of comparable homes in the immediate area. Valuation adjustments may be necessary to achieve comparability. Among the factors considered in determining if a property is comparable are:
To get a sense of your home’s value, evaluate local comps. Essentially, that means looking for similar homes that have recently sold in your area. ... This averages from 2.5 to 3 percent of the ...
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