In real estate, 'COMPS' or 'Comparables' refer to properties similar in characteristics to the subject property that have recently sold and are used to help determine the market value of the subject property.
The Market Approach, also known as the Sales Comparison Approach, is a real estate valuation method that compares a property with similar recently sold properties in the same area. This approach is commonly used for residential real estate and helps to determine the fair market value by looking at comparable sales (comps).
