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LOCATION IS KING – School Distinct changes things! Comps are from properties that have SOLD.
A solid comp is a SOLD comp in the same subdivision and similar build. BEST COMPS are the closest and most recent SOLD. ALWAYS comp CONSERVATIVELY
Must be +/- 200 sqft of the target property
Stay within 2500 sqft +/- lot size
Same # of stories ONLY
MUST BE Within 10 years of construction
Don’t cross major roads
Don’t leave the subdivision
Under $300k ARV -$10k for siding traffic/commercial
-$10k for backing traffic/commercial
-$10-20k for fronting traffic/commercial
+/- $10K-25k for bedroom
+/- $10k for a bathroom
+/- $10k-15k for Pool
+/- $10k for garage
+/- $5k for carport
You can only add half the sqft of the guest house or Basement to the overall sqft of the actual home.
When comping value add (additions) properties, add no more than 1k for added sqft value add
I can’t find a comp from 3 months inside my subdivision!! What do I do then?
Go back in increments of 3 months, 3, 6, 9, 12, etc
Go out in space .5 miles each time you have to. .5, 1 mile, 1.5, 2, 2.5
