Comparable sales, often shortened to comps, are recent sales of properties similar to yours in location, size, condition and features, used to establish a realistic price range for your own home. The more closely a comparable sale matches your property, the more weight it should carry in your pricing decision.
Not all sales are equally useful, and it is important to look critically at how recent each one is, since markets can shift meaningfully within just a few months. A sale from a year ago may no longer reflect current buyer demand or pricing levels, even in the same street.
Adjustments need to be made for genuine differences between your property and each comparable sale, such as land size, the number of bedrooms, renovation condition, or a more desirable aspect. A simple average of nearby sales without these adjustments can give a misleading picture of where your property genuinely sits.
Be cautious of relying solely on online estimate tools, since these are generated by algorithms that do not account for the specific condition, inclusions or presentation of your home. A conversation with a local agent who has physically inspected comparable properties provides far more reliable context.
Use comparable sales evidence as the foundation for your asking price discussion with your agent, rather than starting from what you hope the property is worth. A well-supported price range, backed by genuine recent sales, gives buyers confidence and reduces the likelihood of a long, drawn-out campaign.
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