A comparable is the best way for a real estate owner to
understand where the value of his or her real estate stands. The short hand way
to understand a comparable is to understand it as a way to value real estate
against other real estate in the area. A piece of property that is relatively
in the same frame of value as another is a great way to get a ballpark idea of
the value of a property.
It is always important to understand that a comparable should match up with
your piece of property as closely as possible. Slight differences can make a
big difference in one direction or another. Properties in the same neighborhood
with nearly identical space and amenities are the best comparables out there.