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Since the property is in Southern California, you can use the site SouthernCaliforniaPropertyValues . com to get a quick estimate on the property in question. For a more accurate approach, they will need to see the property in person. The rule of thumb is simple, if the property is a single story home, use a single story home as the comp in the same neighborhood, zip code (within 800 yards of the subject property) or in the same side of the hiway / freeway. You can not compare it to a two story home or to a property in the other side of the freeway. Good luck!
BPO's for Suburban: A comparable beyond one mile may be acceptable, but a comment is required as to why the comparable is beyond one mile and the method/logic on how the comparable was located.
BPO guidelines suggest: Urban: A comparable beyond 1?2 mile may be acceptable, but a comment is
required as to why the comparable is beyond 1?2 mile and the method/logic
on how the comparable was located.
Normally you try to get as close to the subject as possible and venture out to 1 mile if needed. However, if like properties are located closer that has more value influence than the properties farther away.
It depends on the neighborhood. If you are in a flat area, where all of the homes around you are built around the same time, same types of construction, same size, etc. then an appraiser will probably not leave the neighborhood you are in. If you are in a special area like parts of coastal orange county, where the values are drastically different even from one side of the street to the other, then your appraiser will obviously source homes from a different distance. Appraisers don't typically have a "distance" in mind, they need to go as far as the have to go to find a home that is similar in size, scope, type of construction, etc. Most appraisers do not like to go more than a half mile away, but it really depends on where your home is located. Most will try and stay inside of your housing tract, and will likely choose 1 or 2 from a neighboring housing tract as well. Most tracts in riverside will provide more than enough data to pull all of the comparable that they need right from the inside of the tract. The homes and neighborhoods are homogeneous enough to allow this. Contact me if you would like to discuss further?
In So. California I usually start at 1/2 mile and then go out until I get enough comps.
In Southern California, you can typically find enough comps within about a mile to one mile radius and look for sales from 30 to 90 days. If no homes can be found or not enough homes can be found to give you a better understanding of prices, you may have to adjust your criteria. For example if you are facing a park or designated green space you can adjust the map. You are looking for a home that is similar or equal to your home. Searching for at least 6 Active, 6 Pending, 6 Closed sales or solds, 6 expireds and perhaps at least 6 canceled or withdrawn. The active and pending can help you understand where prices are going in the next few months. Other factors such as being on one side or the other of the freeway, is the home in a desirable area. If you'd like Your Neighborhood Realtor, feel free to reach out to me.
You start out by finding homes in the same tract, similar floor plan, and extend out to a maximum of 1 mile. The closer the better. Also, I like to search for homes SOLD 90 days or less.
Usually .5 to 1 mile, but if no comparables we may have to check the surrounding areas for one that meets the needs without having too many adjustments. Let me know if you would like more information
Usually half to 1 mile unless there are no sold houses the maybe 3 miles at the most.
.5 to 1 mile. Best to use the closet sold properties however if their are none you can expand out to 1 mile.
In Southern California, you can typically find enough comps within about .5 mile radius. However, it is also important to understand the area because prices can change pretty drastically depending on factors such as being on the right or wrong side of the freeway, or is the home in or out of a desired development. If you'd like a local agent's help, feel free to reach out to me.