OfflineHere is a list of items that you may want to consider when finding comparables for properties. Keep in mind this information does not work in all areas and does not work the same for every property.
- The properties should have been sold, not for sale, in last 3-8 months.
- The Square footage of the comparables should be similar plus or minus a few hundred square feet.
- The number of bedrooms should be the same the property you are looking at.
- The number of bathrooms should be similar to the property you are looking at. I go a minus 1/2 bath sometimes though.
- You should have similar age comparables, similar type of property and similar lot size.
- Lastly and least important depending on the style of house. The amenities should be similar.
Follow this and you should end up with good comparables. Makes sure you get copies of the comparables so you know you are getting the right information.
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Thanks Nate! Anyone else have any tips they use for getting good comps?
Two points of emphasis:
1) Sold is CRITICAL. Asking price is just that... what the seller WANTS, not necessarily what they will get.
2) In this market (with prices falling), I would tighten up my comps. About 3 months back is as far as I would go.