What term is used for properties that are similar to the subject property based on financing, sale conditions, and physical characteristics?

The term "comparables" refers to properties that share similar features with the subject property, making them ideal for comparison in an appraisal. These comparables are selected based on various criteria, including financing terms, sale conditions, and physical attributes such as size, location, age, and amenities.

When appraisers evaluate a property, they look for comparables to determine market value accurately. By analyzing recent sales of these similar properties, appraisers can draw conclusions about the appropriate value of the subject property. This process is essential in the appraisal method known as the sales comparison approach, where the values of comparable properties help to establish a value range for the property being appraised.

The other terms presented may imply similar notions, but they do not capture the specific, widely accepted terminology used in the real estate appraisal field. "Comparison properties" might suggest properties that are compared but lacks the standardization found in "comparables." "Similarly available" and "substitutes" do not effectively convey the context in which properties are used for appraisal purposes, especially in relation to their physical and financial similarities to the subject property. Consequently, "comparables" is the definitive term that appraisers utilize in their analyses.