Comps

Definition

Short for comparables, these are recently sold nearby homes that agents use to justify whatever price they want. Finding the right comps is an art form -- you just cherry-pick the ones that support your narrative.

Example Usage

"My agent pulled comps from a gated community two miles away to justify our asking price. Our house is next to a gas station. Bold strategy." - A hopeful seller

Related Terms

Intermediate

price per door

The total acquisition cost of a multifamily property divided by the number of rental units, providing a quick metric for comparing deals. It's how apartment investors reduce complex investments to a single number they can text each other.

🏠 Real Estate

Intermediate

real estate owned

Property that reverted to lender ownership after foreclosure, becoming the bank's problem instead of yours. These properties are the financial equivalent of returned merchandise.

🏠 Real Estate

Intermediate

upside

The potential for future value appreciation or income growth in a property, typically based on improvements, market trends, or repositioning strategies. It's what optimistic investors see when everyone else sees a money pit.

🏠 Real Estate

Intermediate

drip pricing

The practice of advertising a low base price for a property while gradually revealing additional mandatory fees throughout the transaction. The 'budget airline' approach to real estate pricing.

🏠 Real Estate

Beginner

PMI

Private Mortgage Insurance—extra insurance you pay when your down payment is less than 20%, protecting the lender if you default. It's insurance that only benefits the bank while you foot the bill.

🏠 Real Estate

Beginner

walking the comps

The noble art of physically visiting comparable properties to verify that online photos haven't been taken with a fisheye lens from the ceiling. It's due diligence for agents who don't trust Zillow's measurements or the laws of physics.

🏠 Real Estate

Translate This Term

See “Comps” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

Try the Translator

Share This Term

Post on X Share on Facebook Share on LinkedIn

Discover a Term

Intermediate

Bro Split

A workout routine where you dedicate an entire day to one muscle group, invented by guys who consider "chest and arms" a...