Comp Analysis

Definition

A comparison of similar properties (comps) that have recently sold to determine fair market value for a property; it's basically real estate fortune-telling using spreadsheets.

Example Usage

The agent's comp analysis showed three similar homes sold for $550k-$575k last month, which didn't prevent the seller from asking $625k anyway.

Source: Real estate valuation terminology

Related Terms

Intermediate

assessing

The art of determining property value for tax purposes, usually performed by a government official who will inevitably conclude your home is worth more than you claimed. This process involves evaluating comparable sales, property features, and market conditions to establish a taxable value. It's the reason your property tax bill keeps going up even when your neighborhood looks exactly the same.

🏠 Real Estate

Intermediate

tax abatement

A reduction or elimination of property taxes for a specified period, typically offered as an incentive for development or renovation in targeted areas. It's the government's way of bribing you to improve neighborhoods they've neglected.

🏠 Real Estate

Beginner

breakwater

A structure built into the sea or a large body of water to reduce wave force and protect a harbor, beach, or coastline from erosion. Can be made of concrete, rock, or other materials.

🏠 Real Estate

Intermediate

Covenants, Conditions, and Restrictions (CC&Rs)

Limitations on property use recorded in the deed, binding future owners. They're the previous owner's way of controlling your property forever—kind of a creepy form of real estate haunting.

🏠 Real Estate

Beginner

freddie mac

The Federal Home Loan Mortgage Corporation, Fannie Mae's government-sponsored sibling that also purchases mortgages to stabilize the housing finance system. Together they're like the Batman and Robin of mortgage liquidity, if superheroes needed periodic taxpayer bailouts.

🏠 Real Estate

Beginner

Earnest Money Holder

The entity (typically a title company or real estate firm) responsible for holding the earnest money deposit in a trust account until closing. The referee who decides whose money it is if the deal falls apart.

🏠 Real Estate

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