Pronunciation: [kˈɒmps] (IPA) 
The spelling of the word "COMPS" can be confusing. It is actually an abbreviation for "comprehensive exams" commonly used in graduate school. The IPA phonetic transcription for this word is /kɒmps/. The "o" sound is pronounced as in "lot", the "m" is said as in "mother", the "p" as in "pen", and the "s" is pronounced like in "sit". When spoken quickly, it can sometimes sound like "kumps".
COMPS is a commonly used acronym that stands for "comparables" or "comparable sales" in the real estate industry. It refers to properties that are used as benchmarks for determining the value of a property that is currently being appraised or listed for sale. When assessing the worth of a property, appraisers and real estate professionals often look at other properties that are similar in location, size, features, and condition, referred to as COMPS.
These comparables allow for a more accurate estimation of a property's value by taking into account recent transactions of similar properties in the same area. By analyzing the sales prices or valuation of these COMPS, professionals can make informed judgments about how much a property is worth or what buyers are currently willing to pay in the market.
COMPS can be obtained from various sources, including public records, real estate agents, multiple listing services (MLS), or property databases. Appraisers typically select the most relevant and recent COMPS, making necessary adjustments for any variations in terms of property characteristics, date of sale, and market conditions.
Overall, the use of COMPS is a crucial tool in the real estate industry, enabling professionals to determine fair market value, evaluate prices in a specific area, and provide knowledgeable guidance to clients and customers involved in buying or selling properties.
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
