Ah, the complexity of comps. In college, comps are stressful final exams. In restaurants, to “comp” something means to give it away to a customer, usually because of a fly in the soup. In real estate circles, comps, a shortened term for comparable sales, ultimately provide guidance for the list price and potentially for the mortgage too.
To determine comps, an agent looks at similar properties that have recently sold in your area. An appraiser will do the same. As you seek to understand how comps affec... read more