Definition
Comps (Comparable Sales)
Also called: comparables, comparable sales
Comps are recent sales of similar nearby properties used to estimate what a home is worth — the standard being similar size, condition, and location, sold within roughly the last six months within about a mile.
Everyone in a sale argues from comps: agents to set list prices, appraisers to support value, investors to estimate ARV. The arguments differ in which comps count — an investor's ARV uses renovated sales; a current-value estimate uses sales in similar condition to yours today.
Sellers evaluating cash offers should ask which comps support the buyer's ARV. Three renovated sales half a mile away is evidence; 'our algorithm' or a national estimate site is a starting point at best, since automated estimates can't see condition from the street.
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