When getting my home appraisal what are comps or comparables?

When getting my home appraisal what are comps or comparables?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: Generally how far do interest rates need to drop to make it worthwhile for me to refinance?; What can I do if I disagree with the banks appraisal of my home?; Are too good to be true loan offers usually too good to be true? and more...

Comps or comparables are the following: let's say you have a 3,000 square foot home, four bed, two bath, your lot size is 6,000, you have a pool, you have a view. We're going to go out in close proximity and find another home that has your same characteristics. Hopefully there are other homes in the area that have sold recently that are just like yours, and that is your comparable.