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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."
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A written justification of the price paid for a property, primarily based on an analysis of
of similar homes nearby.
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on
, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.
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