When it comes time to sell your home — or even just get an idea of its current value — you’ll probably hear the term “real estate comps” thrown around a lot. But what exactly are comps, and how do they affect your home’s value?
Let’s break it down.
🧾 What Are Real Estate Comps?
“Comps” is short for comparable sales. These are recently sold homes that are similar to yours in key ways — things like:
Location (same neighbourhood or nearby)
Square footage
Number of bedrooms and bathrooms
Lot size
Age and condition of the home
Features and upgrades (e.g., a finished basement, pool, renovated kitchen)
By analyzing what similar homes in your area have sold for recently, real estate professionals can estimate a realistic and competitive price for your home.
🏠 Why Comps Matter
Pricing your home correctly is one of the most important factors in getting it sold quickly — and for top dollar. Overprice it, and it may sit on the market and grow stale. Underprice it, and you could leave money on the table.
Comps help avoid both of those mistakes by giving you a data-backed baseline to work from.
📊 How Agents Use Comps
A real estate agent will usually pull comps from the Multiple Listing Service (MLS) to create a Comparative Market Analysis (CMA) — a detailed report showing where your home stands among recently sold properties.
🧩 Not All Comps Are Equal
Even if two homes look similar on paper, the little things can make a big difference. For example:
One might be on a quieter street while the other backs up to a busy road.
A recent renovation can add thousands in value.
Time matters — comps that are 6–12 months old may not reflect today’s market.
That’s why it’s important to have knowledgeable local agents (like us!) who knows what to look for beyond just the numbers.
🔍 Can You Check Comps Yourself?
Yes — to an extent.
Certain websites offer basic info, but often miss critical details (condition, updates, location quirks). These tools are helpful for a rough idea, but they shouldn't be your only resource.
For a true picture of your home’s value, a customized CMA from a professional is always your best bet.
💬 Final Thoughts
Real estate comps are one of the most powerful tools in understanding what your home is worth — but they’re only as useful as the analysis behind them. Whether you're selling, refinancing, or just curious about your equity, comps are where you start.
Thinking about selling your home or just want to know what it’s worth in today’s market? I’d be happy to put together a personalized, no-obligation home value report for you. Just reach out anytime!
