Comparable Sales: Real Estate Appraisal in the Business of Real Estate

Comparable sales, also known as market comparables or simply comps, play a crucial role in the appraisal process within the business of real estate. The concept of comparable sales involves identifying and analyzing similar properties that have recently sold in a particular area to determine the value of a subject property. By examining these sales transactions, appraisers aim to establish an accurate estimate of the fair market value for residential or commercial properties. For instance, consider a hypothetical scenario where a homeowner is interested in selling their residence located in…