Comparables are homes of similar size, condition, age, and style that recently sold in a certain neighborhood or area.  Evaluating comparable homes and their prices can help determine a fair market value for a home.

Comparables are examined by buyers, sellers, and real estate agents in a comparative market analysis (CMA) to establish a price range for a home based on current market activity.  Comparables are also used by appraisers to determine the fair market value of a home during an appraisal.

A quality comparable is most similar to the home in question in terms of:

  • Homes sold within 1 mile of the subject property
  • Square Footage (within 20% above and below the subject property)
  • Style of Home (rambler/2-story/condo)
  • Homes sold within the last 180 days
  • Number of bedrooms and baths
  • Age of home
  • Condition of home
  • Lot size