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Comparable sales are the foundation of nearly every real estate valuation. Whether you are pricing a listing, underwriting a loan, or estimating after-repair value, the quality of your comps determines the quality of your conclusion. This guide breaks down what makes a sale truly comparable and how to avoid the most common mistakes.

Realtors prepare CMAs. Appraisers produce appraisals. Both estimate property value, but the methodology, legal standing, and intended audience are very different. Understanding the distinction helps you choose the right tool for the situation and avoid costly missteps.

Selecting comps is only half the job. The adjustments you apply for differences in square footage, lot size, condition, and features are what turn raw sales data into a credible value opinion. This guide walks through the adjustment process the way appraisers actually do it in the field.

New York City offers some of the richest free property data in the country through PLUTO and ACRIS. If you know how to use these datasets, you can research zoning, building characteristics, sales history, and deed records without paying for expensive third-party subscriptions.

After-repair value is the number that makes or breaks a deal for flippers and BRRR investors. Getting it wrong means overpaying, underestimating rehab costs, or missing your refinance target. This guide covers how to calculate ARV using comps, adjustments, and market context.