Definition
Analysis of recently sold similar properties (comparables) to determine subject property market value.
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Comparables analysis is foundation of property valuation. Appraisers analyze 3-5 comps adjusting for differences. Comparable analysis drives pricing decisions. Good comp analysis requires local expertise.
Pro Tip
Understand comparable analysis; it's most reliable valuation method in stable markets.
Example
Three sold comps nearby range $450-480k; subject property similar quality worth approximately $465k