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Comparable Sale (Comp)

Definition of term

A comparable sale, or "comp," is a recent sale of a similar property in the same area. Comps help determine the value of a home or other piece of real estate. Real estate agents, lenders, and appraisers use comparable sales when the lender appraises the house for its market value and when the seller wants to set a competitive list price. Real estate professionals and appraisers will look at public records of nearby homes that have sold recently to find comparable sales. They will also consider factors such as the size, age, and condition of the properties.

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