When you guys are conducting comps for a market area. How many do you need to get a good market value price and what is the range (miles) for comps?

Asked by Rookie Buyer, 91301 Thu Dec 29, 2011

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Steven Ornellas’ answer
Steven Ornel…, Agent, Fremont, CA
Fri Dec 30, 2011
Rookie Buyer:

I follow what many Appraisers look for:

4 Sold/closed escrow and 2 Pending comps within ½ mile of the subject property and within 3 mos. (within + or - 15% SqFt.) I also make adjustments for pools, view, or any other special characteristics.

The next distance would be ½ to 1mi. After 1 mile the Appraiser must explain complications of finding relevant comps, which I do not do, but as Heather comments, some "Artistic License" does come into play with highly unique properties.

As far as quality of data you do need to be working with a Realtor®, as Anna suggests. Here's some background information on why:

"MLS Data Accuracy – Where to search if you’re “without Realtor®”

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The Mark Mos…, Agent, Westlake Village, CA
Tue Sep 10, 2013
When possible we like to stay within one to two miles of like properties. In Agoura we try to stay within tracts or similar tracts that a buyer in that price point would be looking at. So if it is an older home we will do homes built before 1976, and if we're looking at homes in the Morrison subdivision we try to stay within that group of homes. If we are looking at standard sales we try to exclude short sales and distressed properties that can skew the analysis. Because of our expertise and knowledge of the area this is an easy task for us to do.
0 votes
Heather Wrig…, Agent, The Dalles, OR
Thu Dec 29, 2011
Hello Rookie Buyer
It depends on the property truthfully. If I am looking at a unique property then my distance may change to incorporate more comps. However, most of the time I will only look maybe at a mile radius around the property. But in addition to distance I look at properties that are similar in sqft, bedrooms, lot ize, year built, etc. I would recommend that if your looking at comps to purchase to ask your agent to run comps before making an offer. I wish you the best of luck!

0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Dec 29, 2011
If you are trying to amass comp information from online sites, be aware that not all the information may be accurate nor updated; if you are looking to purchase, so not to overpay, it's really in your best interest to work with an agent of your own; he/she can run comps based on accurate and up to date information.....
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