A comparable property, or comp, is a property compared to a subject property to help determine worth. A real estate agent will use several comps to create a
comparative market analysis, or
CMA. Your agent will narrow down the specifications that will give the most accurate value to your subject property, but these are some general guidelines to help you select appropriate comps:
- Within the same community or neighborhood as the subject property, or within a reasonable distance
- Within 10% of the square footage of the subject property
- Within 10% of the lot size of the subject property
- Within 3-5+/- years built of the subject property
- Including features and upgrades similar to the subject property such as a pool or number of stories
- In a similar condition to the subject property
- Properties sold within the last 90 days
