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Monday, March 26, 2007

Sales comparable

A recent sale of a property that is used to estimate the value of a similar property.

Generally referred to as comps. Comps come in handy when you are trying to set the best sale price on your home, they provide a good reference point, so you accurately price your home's value. Appraisers, certified professionals who estimate the fair market value on homes, also use comps to help them evaluate properties.

When attempting to set a price, you should use comps that were sold in the last six months and are similar to your home in age, style, size, condition and location. Real estate agents also have easy access to comps via an online network. Keep in mind that other factors, such as market conditions also affect a home's selling price.
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