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What are comparable sales / listings and why are they important?

Comparable sales are recently sold properties that most closely resemble the subject property in terms of location and characteristics (i.e. beds, baths, square feet, and property type). Comparable listings are recently listed properties that most closely resemble the subject property in terms of location and characteristics (i.e. beds, baths, square feet, and property type).

Because of their similarities to the subject property, comparable sales and comparable listings are elements an appraiser uses to calculate the value of any property.

The comparable sales list on RealtyTrac provides you with the sale date, sale price, and property characteristics for each property. Whereas, each comparable listing on RealtyTrac includes the list date, list price, and property characteristics. We also compute the average value for the comp sales or comp listings in order to give you an idea of what a subject property may be worth based on the average of similar properties sold in the neighborhood.

If you want further information on evaluating a property's worth, contact an agent within the RealtyTrac Agent Network to help you.

 

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