Use only sold comparables. Homes that are active and pending are interesting to keep track of but are no value to you in calculating a value
The sold date needs to be within six months
The DOM (Days On Market) should be 90 days or less
Comparables need to be in close proximity to your subject property. Close proximity means less than half a mile in any direction. Houses on the same street are best. Houses on the other side of a highway or a waterway are of no value so you should not use them.
Number of bedrooms needs to be the same
Number of bathrooms needs to be the same
Living Area Square Feet needs to be close to your subject property. Note: square feet under air, square feet under a/c, square feet under heat, or any other similar terms are all the same.
Subjects under 1000 square feet – comps should be within 100 square feet
Subjects 1001 square feet – 1500 square feet – comps should be within 150 square feet
Subjects 1501 square feet – 2500 square feet – comps should be within 200 square feet
Subjects over 2501 square feet – comps should be within 300 square feet
The year built needs to be within three years of your subject property – this means your comps may be three years older or newer than your subject property. For properties 75 years or older you can raise the limit to five years
House style needs to be similar – if your subject property is a rancher than your comps need to be ranchers too and not a brick home.
Lot size needs to be similar but lot type must be the same
The amenities needs to be similar – if your subject property has a pool then your comps need to have a pool as well.
Condition needs to be similar – was your comp in repaired condition, or was it a fixer upper when it was sold?