Comparable home sales, or “comps,” are what the professionals use to analyze the value of your property. Comps are one of the foundations of determining a home’s value.
Properties that are similar to the place you’re considering can tell you a lot about your own property’s value. Using information from the sales history of comparable homes, and the relative importance of different features, you can use comps to help determine the market value of your place.
Important factors to determining which properties are comparable to yours can include:
- Sale dates and prices
- Number of bedrooms and baths
- Square footage of the property and the land
- Year built
- Location, view, privacy, and noise