{"id":210220,"date":"2023-12-17T22:48:30","date_gmt":"2023-12-17T22:48:30","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/"},"modified":"2023-12-17T22:48:30","modified_gmt":"2023-12-17T22:48:30","slug":"how-do-comps-and-sales-work-during-a-property-appraisal","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/","title":{"rendered":"How do comps and sales work during a property appraisal?"},"content":{"rendered":"<p>When it comes to determining the value of a property, appraisers turn to comparable sales (or &#8220;comps&#8221;) to make their assessment. These comps are similar properties that have recently sold in the same area as the subject property. By comparing the features, location, and selling prices of these properties, appraisers can arrive at an estimated value for the property being appraised.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#What_are_comps_in_real_estate\" title=\"What are comps in real estate?\">What are comps in real estate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#How_do_appraisers_find_comps\" title=\"How do appraisers find comps?\">How do appraisers find comps?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#Why_are_comps_important_in_property_appraisals\" title=\"Why are comps important in property appraisals?\">Why are comps important in property appraisals?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#What_factors_do_appraisers_consider_when_selecting_comps\" title=\"What factors do appraisers consider when selecting comps?\">What factors do appraisers consider when selecting comps?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#How_many_comps_do_appraisers_typically_use\" title=\"How many comps do appraisers typically use?\">How many comps do appraisers typically use?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#Do_comps_have_to_be_in_the_same_neighborhood_as_the_subject_property\" title=\"Do comps have to be in the same neighborhood as the subject property?\">Do comps have to be in the same neighborhood as the subject property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#Can_appraisers_use_comps_that_are_older_sales\" title=\"Can appraisers use comps that are older sales?\">Can appraisers use comps that are older sales?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#What_if_there_are_no_recent_comps_available\" title=\"What if there are no recent comps available?\">What if there are no recent comps available?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#How_do_appraisers_adjust_for_differences_between_the_subject_property_and_the_comps\" title=\"How do appraisers adjust for differences between the subject property and the comps?\">How do appraisers adjust for differences between the subject property and the comps?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#Are_all_comps_considered_equally_in_the_appraisal_process\" title=\"Are all comps considered equally in the appraisal process?\">Are all comps considered equally in the appraisal process?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#Can_homeowners_provide_their_own_comps_to_the_appraiser\" title=\"Can homeowners provide their own comps to the appraiser?\">Can homeowners provide their own comps to the appraiser?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#Are_comps_the_only_factor_that_appraisers_consider_in_property_appraisals\" title=\"Are comps the only factor that appraisers consider in property appraisals?\">Are comps the only factor that appraisers consider in property appraisals?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_comps_in_real_estate\"><\/span>What are comps in real estate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nComps are similar properties that have recently sold in the same area as the subject property. These properties are used as a benchmark to determine the value of the property being appraised.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_appraisers_find_comps\"><\/span>How do appraisers find comps?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAppraisers typically search local MLS listings, public records, and other real estate databases to find comparable sales that closely match the subject property in terms of features, location, and size.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_are_comps_important_in_property_appraisals\"><\/span>Why are comps important in property appraisals?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nComps provide valuable insights into the current market conditions and help appraisers determine a fair market value for the property being appraised.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_factors_do_appraisers_consider_when_selecting_comps\"><\/span>What factors do appraisers consider when selecting comps?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAppraisers consider factors such as the location, size, age, condition, and features of the comparable properties when selecting comps for a property appraisal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_many_comps_do_appraisers_typically_use\"><\/span>How many comps do appraisers typically use?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAppraisers usually use at least three comps to ensure an accurate estimate of the property&#8217;s value. However, the number of comps can vary depending on the complexity of the property and market conditions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_comps_have_to_be_in_the_same_neighborhood_as_the_subject_property\"><\/span>Do comps have to be in the same neighborhood as the subject property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhile it is ideal for comps to be in the same neighborhood as the subject property, appraisers may also consider properties in nearby neighborhoods that have similar market characteristics.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_appraisers_use_comps_that_are_older_sales\"><\/span>Can appraisers use comps that are older sales?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAppraisers prefer to use recent sales as comps, typically within the last six months. However, in certain cases where there are limited recent sales, appraisers may consider older sales as long as they are still relevant to the current market conditions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_if_there_are_no_recent_comps_available\"><\/span>What if there are no recent comps available?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf there are no recent comps available, appraisers may have to expand their search to include properties that are not as similar to the subject property, or they may need to rely on other valuation methods such as the cost approach or income approach.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_appraisers_adjust_for_differences_between_the_subject_property_and_the_comps\"><\/span>How do appraisers adjust for differences between the subject property and the comps?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAppraisers make adjustments to the selling prices of comps to account for differences such as size, condition, and features. These adjustments help ensure that the comps are comparable to the subject property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_all_comps_considered_equally_in_the_appraisal_process\"><\/span>Are all comps considered equally in the appraisal process?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nNot all comps are considered equally in the appraisal process. Appraisers give more weight to comps that are more similar to the subject property and have a higher level of relevance to the current market conditions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_homeowners_provide_their_own_comps_to_the_appraiser\"><\/span>Can homeowners provide their own comps to the appraiser?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhile homeowners can provide their own comps to the appraiser, appraisers typically rely on their own research and professional expertise to select the most relevant and accurate comps for the appraisal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_comps_the_only_factor_that_appraisers_consider_in_property_appraisals\"><\/span>Are comps the only factor that appraisers consider in property appraisals?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nComps are a critical factor in property appraisals, but appraisers also consider other factors such as the property&#8217;s condition, improvements, and the current market trends to arrive at a fair and accurate value for the property. <\/p>\n<p>In conclusion, comps and sales play a crucial role in property appraisals by providing valuable insights into the current market conditions and helping appraisers determine a fair market value for the property being appraised. By carefully selecting and analyzing comparable sales, appraisers can ensure an accurate and reliable assessment of the property&#8217;s value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to determining the value of a property, appraisers turn to comparable sales (or &#8220;comps&#8221;) to make their assessment. These comps are similar properties that have recently sold in the same area as the subject property. By comparing the features, location, and selling prices of these properties, appraisers can arrive at an estimated &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"How do comps and sales work during a property appraisal?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/how-do-comps-and-sales-work-during-a-property-appraisal\/#more-210220\">Read more<span class=\"screen-reader-text\">How do comps and sales work during a property appraisal?<\/span><\/a><\/p>\n","protected":false},"author":53,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-210220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How do comps and sales work during a property appraisal?<\/title>\n<meta name=\"description\" content=\"When it comes to determining the value of a property, appraisers turn to comparable sales (or &quot;comps&quot;) to make their assessment. 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