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.
Bob Stahlschmidt, your real estate professional
Prudential Palms Realty
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.
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.
Prudential Palms Realty
Lakewood Ranch Office
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
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.
The Eckler Team
Michael Saunders & Company
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
Faye Doyle, LLC
RE/MAX Alliance Group
2000 Webber Street
Sarasota, FL 34239