Home Buying in North Port>Question Details

Mary, Home Buyer in North Port, FL

When doing comps for a home purchase, what is the radius used and do you go outside the county?

Asked by Mary, North Port, FL Sat Nov 7, 2009

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Nicki Conway’s answer
Hi Mary
I always try to stay within the community itself when I'm looking at comps for a buyer. Each community has it's own special characteristics and a history of sales and pendings. These days there are a lot of pendings and looking at those and going back 3-4 months will give a buyer a good picture of what the current home value is. If there are no comps in the neighborhood, I will go to a nearby community with similar characteristics. I hope this answers your questions and if you'd like to receive a market analysis for your home, you can sign up for one at my website, http://www.sarasotaisconwaycountry.com.
1 vote Thank Flag Link Sun Nov 8, 2009
It's best to use comps within the immediate area, unless it's a really unique property, then you may need to expand the search to find a comparable sale. You may call me if you have questions.
Bob Stahlschmidt, your real estate professional
Call 941-349-6465
Prudential Palms Realty
Sarasota, FL
0 votes Thank Flag Link Tue Nov 10, 2009
Comp's are driven my MLS unless there are other circumstances involved for rural areas.

Realtors and appraisers use this as resource determine value of home.

Unless you go to county tax records of properties sold in past 6 months .

Much is involved determine value of any home.
0 votes Thank Flag Link Sun Nov 8, 2009
Mary:
If you are buying in a deed restricted community that was built in the past few years, you will find many comps right in your community. If you're buying an older home or one that was built outside of a deed restricted community, I would recommend working with a local Realtor or an appraiser. I don't work in North Port but I know excellent Realtors who do and I would be happy to refer you to one of them. Just let me know.
Roberta Arcand
Prudential Palms Realty
Lakewood Ranch Office
Cell: 941-400-0775
Email: arcand1173@gmail.com
0 votes Thank Flag Link Sun Nov 8, 2009
Mary-

The closer- the better. Neighborhoods are unique and values are more specifically related to "like-kind" properties within that community. Leaving the county to search for comparable properties is not suggested.

1-2 miles radius maximum

Mott Kornicki
0 votes Thank Flag Link Sun Nov 8, 2009
Mary,

Congratulations on deciding to search for property in the Sarasota County area where there are many excellent opportunities to save.

Simple stated, your best property comparisons will be those that are:

1. near the subject property...the closer the better. Avoid using adjacent County Comps if possible

2. similar structure...square footage, number of bedrooms, pool etc.

3. use only recently sold property for comparison purposes. Property that sold 6-12 months ago may not be a good reflection of the current local market trends.

Your real estate professional should be able to provide you with this information. If you are not currently working with someone we would be happy to support your interests.

Good luck
The Eckler Team

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Sun Nov 8, 2009
Hmmmm...I have worked with dozens of appraisers and "LIKE KIND" seems to be their answer. I don't believe there are any hard and fast rules for distance to get real comps. Just go what ever distance it takes to get true a comparable. You look for the most recent sales of a "like kind" and most recently sold properties. Same neighborhood, most recent and sold with in 6 months, no greater than 1/2 mille of LIKE KIND was the old standard..... The same neighborhood is the difficult part today.....
The type of property is also a distance challenge. A Key West style home may take you out many miles from your subject to find other similar properties. I have sold and mortgaged several and getting real comparable is a nightmare. You may have a 5/4 4000 sqft waterfront pool home that just sold a few house down from your subject 3/2 2300 sqft home but that isn't a comp. Comps that you have to adjust more than 20% is really pushing it . Waterfront is also a challenge, Try finding 3 homes sold within 6 months in the same neighborhood that just sold for $1.5m. You might have to go 10 miles or more.
>>>>>Get the most recent and most like kind comps first and worry about distance last<<<<<<<<
That's my $000,000,02 bg http://www.ValueSarasotaHomes.com BILLGARRISON.REALTY@GMAIL.COM
0 votes Thank Flag Link Sat Nov 7, 2009
BPOs' amd Appraisers limit their radius to 1 mile of the home. Under extraordinary circumstances they may go outside of that radius but must justify the aberration.

Faye Doyle, LLC
RE/MAX Alliance Group
2000 Webber Street
Sarasota, FL 34239
Cell: 941-504-7496
Fax: 941-954-5455
Email: fayedoylellc@gmail.com
Website: FayeDoyle.com
0 votes Thank Flag Link Sat Nov 7, 2009
I TRY TO TO SEARCH IN THE IMEDIATE NEIGHBORHOOD FIRST. AS YOU GET FARTHER AND FARTHER AWAY, I AM SURE YOU WILL AGREE THAAT THE DATA RETURNED LOSES ITS SIGNIFICANCE. SOMETIMES YOU JUST CAN NOT FIND COMPARABLE SALES THAT WOULD BE RELIABLE. IN THAT CASE THERE ARE OTHER WAYS OF DETERMINING VALUE, SUCH AS GETTING AN APPRAISAL. NEED HELP WITH DETERMINING THE VALUE OF A HOME YOU MIGHT BE INTERESTED IN? SEND ME AN EMAIL WITH THE PROPERTY ADDRESS AND I WILL FIND OUT FOR YOU....wayne.goss@comcast.net
0 votes Thank Flag Link Sat Nov 7, 2009
Hi Mary,

Best would be comps wthin a half mile radius of subject property; the property you are wanting to buy. If there aren't any comps than you need to extend the radius and possibly make adjustments. Hope that helps.
0 votes Thank Flag Link Sat Nov 7, 2009
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