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Define Comparable in Real Estate

Comparable: 

To put it simply, "comparable" means something that is similar to another thing. In real estate, a comparable is a property that is similar to the one being appraised, in terms of size, location, features, and condition.

Example: 

For example, if a real estate agent is trying to determine the market value of a 3-bedroom, 2-bathroom house in a particular neighborhood, they may look at recent sales of similar houses in that area to get an idea of what the house is worth. These similar houses are called comparables or "comps" for short.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

Oh, the things that are comparable,
They're similar, like peas in a pod, you'll see.
In real estate, it's a property that's bearable,
For appraisals, they're used, as the key.

When a home needs a value that's fair,
They search for comparable homes, it's clear.
They find ones that are of a matching pair,
To price the home without any fear.