Have a question here. If my subject property is at least 500 square feet more than my comparables, could I still use these comps, esp. if all the other comps are outdated? In addition, if my subject property was built in 1917, what age range should my comps be in? I was told that it was fine to use comps much older than my subject property. However, what about comps that are newer, how many years should I take into consideration with these new comps and my subject property? I was told no more than 5 years with new comps - is this correct? Oh, I do my own comp research because no agents have decided to work with me.
When I CMA a property, I use $30/sq ft for house size differential and $1K for each year of age – making upward or downward adjustments based on the subject and the comps. However, I wouldn’t compare a 50 yr old house with one that’s 5 yrs old. I’d try to find properties that are in somewhat the same “generation” – 20 year spans. When the house is 50 yrs or older, then you can expand that up to 100. After 100, I’d use only properties that are 19th or 18th century.