How should I use Sales Comps?
Written by Brent Meshier
Updated over a week ago

Sales Comparables are homes of similar characteristics (year built, condition, etc.) that recently sold in a nearby location. To determine the fair market value of a home, analyzing comparable homes and their prices is typically considered to be the best method.

Comparables are used by buyers, sellers, and real estate agents in a comparative market analysis (CMA) to establish a price range for a home based on current market activity. Comparables are also used by appraisers to determine the fair market value of a home during an appraisal.

A quality comparable is most similar to the home in question in terms of:

Sale date
Sale price
Size - lot and home
Sale price per square foot
Number of bedrooms and baths
Year built
Condition and style of home

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