Recent sales of similar properties used to estimate a target property's market value.
Comparable sales — usually called 'comps' — are recent sales of properties similar to a subject property in size, location, condition, and features. Appraisers, agents, and investors use comps to estimate market value through the sales comparison approach. Good comps are recent (within 6 months), nearby (within 1 mile if possible), and similar in key characteristics.
You're valuing a 3-bedroom, 1,800 sq ft single-family home. Three comps sold recently in the same neighborhood: $315,000 (1,750 sq ft, similar age), $328,000 (1,850 sq ft, slightly nicer), and $305,000 (1,700 sq ft, dated kitchen). Adjusting for size and condition, your subject property is worth approximately $320,000.
Richify automatically calculates comparable sales (comps) and other key real estate metrics for every property in your portfolio. Instead of plugging numbers into spreadsheets, you get instant analysis with built-in AI-powered insights to help you spot trends and opportunities across your holdings.
The process of determining a property's market value using one or more standardized methods.
The estimated market value of a property after planned renovations and repairs are completed.
The increase in a property's market value over time.
The number of days a property is listed for sale or rent before being sold or leased.
Stop calculating real estate metrics by hand. Richify computes comparable sales (comps) and 10+ other key metrics for every property in your portfolio.
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