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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Comps? Whats the radius?
What is the miles/ distance from the house to be considered a comp?
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Posted 5/18/10 4:24 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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Re: Comps? Whats the radius?
I was told 1 mile.
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| Posted 5/18/10 4:58 PM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: Comps? Whats the radius?
Posted by hmm8191
I was told 1 mile.
\
us too.
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| Posted 5/18/10 5:50 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Comps? Whats the radius?
last 6 months
1 mile
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| Posted 5/18/10 6:00 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: Comps? Whats the radius?
1 mile but also remember that they need to be on the same side of a major avenue, like, if a house is 8 blocks away but on the other side of Hempstead Turnpike, they won't use it.
When my house was appraised for my mortgage lender, they used 3 houses as comps and all were within a quarter-mile of my house.
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| Posted 5/18/10 6:35 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Comps? Whats the radius?
also needs to be the same school district
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| Posted 5/18/10 6:38 PM |
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Re: Comps? Whats the radius?
I will give you a true appraisal answer since I was one for a number of years.
Standard answer would be under 1 mile. Lenders want closer today.
It changes if you home meets certain criteria.
Large, on the water, over 1 acre of property, bulk head can not find comps that match the property.
Arthur
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| Posted 5/18/10 8:01 PM |
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