What is comps?
Definition
Comps (comparables) are recently closed, similar properties near a subject property, used to estimate its value or rent. Good comps are recent, nearby and alike in size, beds/baths, condition and type — closed transactions, not active asking prices.
Example
Worked example
To value a 2-bed condo, you might use three nearby 2-bed condos that closed in the last few months at $385k, $400k and $410k — pointing to a value near $400k before adjustments. (Example figures.)
How ReSharpe calculates this
ReSharpe pulls comps from live MLS closed sales and closed leases, weighting recency, proximity and similarity, and shows the comps it used so you can audit them — rather than a black-box estimate. The calibration is detailed on the methodology page.
Frequently asked questions
- What makes a good comp?
- Recency, proximity and similarity — a property that closed recently, nearby, with comparable size, beds/baths, condition and type. The closer on all four, the more reliable the comparison.
- Should comps be closed sales or active listings?
- Closed transactions are far stronger than active listings: a list price is an asking opinion, while a closed price is what someone actually paid. ReSharpe calibrates on closed sales and closed leases.
See these numbers computed on a real South Florida listing.
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