If you have ever been involved in selling or buying property, you may have heard the term “comps”.
Most of the people only
know that comps is the abbreviation of comparables and nothing more. If you want to know more about this term, then give this read a couple of minutes.
What are Real Estate Comps?
In real estate terms, comps refer to the price paid for recently sold property that is comparable in location and size. With comps, you can estimate the current market value of property in your surrounding areas.