Pulling Comps On a Condo

2 Replies

I'm talking with a motivated seller who's looking to sell a 3 BR/1.5 BA condo. When pulling the comps, should I be comparing it against other condos only, or is it okay to compare it to any 3 BR/1.5 BA property (SFR, Townhouse, Apt) sold within the area within the last six months which has similar criteria (square footage, age, bedrooms, etc...)? Please advise.

Hey @Anthony Jernigan , keep your comps limited to other condos ... a 3/1.5 SFR is nothing like a 3/1.5 condo. Each of the property types are zoned differently, offer a different quality of life, can have different insurance costs, will qualify for different mortgage rates, attract very different buyers and will behave differently as the markets shift.