I have access to the MLS. I am trying to run some comps on a property but the area where this property is located did not have any sales in the last two years. I had to entend the area for 3 miles to get some comps.
If the subject property is a Cape Cod, can I compare it to a rambler for example with the same level (1 level)?
Thanks
Not familiar with “rambler”–is that a rancher or one-floor housing style? If you can’t find any capes that have sold in the same town/municipality within the last 6-12 months, I’d probably use two-stories and adjust downwards. But I would also look at the immediate neighborhood of the subject and try to find properties with similar environments. Housing style is just one criterion. Similar location and setting are important. The more similarities between the subject and potential comps–like location, house age, BRs, BTHs, condition, parcel size–the better.
Hi Real Estate,
I had something similar happen to a house I purchased. It was an urban house and nothing within a few blocks had sold within the last 2 years. The bank underwriter and appraiser were aware of this and had to extend their comps accordingly. You can also pull tax info on the neigboring houses to get a rough estimate of what their currently worth. Not being able to find comps usually means that people like the neighborhood so mucy they never leave it. Banks will take the “desirability factor” into account when loaning you money. Hope this helped.