Which of the following best describes comparables in real estate?

Comparables, often referred to as "comps," are properties that are similar in characteristics to a subject property and are used as a benchmark in valuing real estate. They give potential buyers and sellers a frame of reference for determining a fair market value based on recent sales of similar properties in the same area.

Using comparables is a common practice in real estate appraisal and helps establish a price that reflects current market conditions. This method relies on a number of factors, including square footage, number of bedrooms and bathrooms, location, and amenities. By analyzing the sale prices of these comparables, real estate professionals can provide a well-supported estimate of the value of the property in question, allowing for informed decision-making by buyers and sellers.

The other choices describe unrelated concepts or factors that do not accurately capture the essence of comparables in real estate valuation. For instance, unique properties may have features that complicate their valuation, while relying solely on historical data or limiting analysis to pending sales can lead to outdated or incomplete assessments.