When you start exploring your home value, a term that will likely surface is a real estate comp, or comparable. This refers to recently sold homes in your specific area that are comparable to your home. A comp will have similar statistics to your own home, like being of a similar age, having the same number of bedrooms and bathrooms, or the same square footage. Comps are mainly used to determine your home’s value at the moment, so it’s important to use comps that have sold recently. A few months can make a big difference, especially since seasonal buying is a very real trend; summer markets tend to be hotter than the winter months (no pun intended).
Naturally, since all homes have unique quirks and features, a comp can’t be the same as your home in every way, and comps can have different square footage or be in different conditions. What really matters is the proximity to your home and just how long ago it was sold. Comps can give you a realistic idea of what your home is worth in the current market.