Comps And Proximity
I'm running my own market analysis on a property and have used www.netronline.com as my source for the comps. However, almost all the comps that came back are almost 2+ miles away (22 comps in all). Only one comp had a proximity of less than a mile.
Any tips on determining the market value when all the comps are that far out of the area? I'm uneasy about putting so much weight on the single comp that was relatively close to my target property (0.6 miles).
Thanks for the tips...
Why not call a local appraiser and ask them to do a comp search, it's free. Or simply ask a local re agent what they think it's worth.
That's the problem with programs like these that purport to identify comparable properties based only on the proximity to the subject.
If you want a meaningful market analysis, you need to look at several factors and compare those with the subject (eg, house age, size, municipality, housing style, lot size, date of sale, etc). In short, you need to have knowledge of the market and the various neighborhoods. One gets that knowledge after driving around an area with a good street map and becoming so familiar with it that when you see a street name, you can picture the neighborhood in your mind.
if you look at enough home for sale in a given area you will know values. i am continuely looking in my "farming" area whether i am buying at the time or not. i will check 20 or 30 homes every week just to keep on the "pulse of the market" in my area.........km