What to do if there are no similar Comparables on square footage

3 Replies

I have a great way of bringing up comparables, but when I do, I often see that the other houses with the same bed and bath don't have the same square footage. For example 

3744 Wabada dr. Kirkwood Missouri: 

Has  2 Bed, 2 Bath and 675 Square footage 

3 other houses with the same number of beds and baths have twice that size: 1240, 1135, 965 sqft. 

What do I do when I don't have good compables on the square footage? 

If you can find something similar age, neighborhood and condition you could use $/sq. ft...see if that is similar between the others...it could give an ok ballpark.

@Curtis Daniels  What is your great way of bringing up comps?

You can go by price per square foot, that should give you a rough idea.  You can also look at 1br properties.

Finally, look outside your area for comps.  See if you can find other 2br 675sqft (or there abouts) houses and compare sales prices to larger 2br houses, assuming you can find this combination somewhere.  What does the tiny size do to price per square foot compared to the larger 2br houses.  If the price per square foot is similar then you can calculate the value of your tiny 2br by the price per square foot of the larger 2br houses in your area.  Or if you find that the tiny 2br generally results in a 20% lower price per square foot, you'll need to make that adjustment on your house, too.

@Larry T.  - I bet there's a way to find the median square foot that way just like natural comps. 

Basically, in my town, there's software that I buy to pull up some of the same criteria that the MLS uses. It's very handy.

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