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Updated almost 17 years ago on . Most recent reply

What Comps do you use in todays market?
Hello,
I just had a lively discussion with a realtor who was chastising me for how I was computing my comps.
Basically the discussion came down to what to include. Based on the comps the realtor pulled, the price per square foot came out to $54. However, I think that is too low because the MLS service that the realtor was using pulled in 6 foreclosures out of 8 comps. The two comps which were not foreclosures, came out to $75 a square foot. When I make the realtor fine tune the comps to not include foreclosure, so that I get 8 comps to use, the comps come close to $78.
I know the new government guidelines are making realtors include the foreclosures, but a comp pull with 6 of 8 comps being foreclosure seem a little ridicules.
My question to the board, what standard are you using in the market to estimate value?