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A good comparable sale (comp) to use when valuing a property differs depending on the type of property you are valuing (also called the subject property). In general you want to follow these guidelines:
You want to choose comps that are in the same neighborhood or in a competing neighborhood to the subject property. In terms of location, the best comps are on the same street (even the same side of the street), in the same neighborhood as the subject property.
The comps should be the same building class as the subject. Depending on the county, you might be able to select comps that are a different, but similar building class. In Collin County, for example, you can compare an RV7 building class to an RV7P (this will require a quality adjustment as an RV7P is a superior quality than an RV7). In Dallas County, it is difficult to compare one building class to the other, so in Dallas, you should try to stay in the same building class.
The living square footage is ideally within 10% of the subject property. You would not want to select a comp that is more than 25% different from the subject property.
The year built is similar to the subject property. If it is newer construction, you want to make sure the comp is new construction as well. The year built is not as important if the subject is older as long as the comp is older as well.
If the subject is updated, you want to choose comps that have been updated.
Try to choose comps that have a similar land value as the subject property. If the subject backs to a premium view (like a creek), ideally you will select comps that have a similar view.
If the subject has a pool you want to try and select comps that have pools as well.
It is hard to find comps that meet all the criteria above. In some markets, certain factors are more important that others. In high end markets for instance, the land value is a more important factor since it makes up a larger portion of the overall value of the property. Our algorithms take all of this into account when we score our comps and return back only those comps that would be considered credible to use in a valuation.
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