Are homes in the same neighborhood of different sizes still comps?

[Jkgourmet]

Originally Posted by GoPhils

I know that neighborhoods can have a "max" price, but in my area even within neighborhoods there are typically price differences depending on the specific house/lot. In my neighborhood right now it kinda seems that there's an average price but IMO I think it's more a factor of the market improving. It's not even that the smaller houses are selling for more $/sq. foot, they're selling for more or similar overall.

Bumping this thread because the "second" house I mentioned above just closed for $279k. Similar finishes, but 1000 less square feet and 1.5 less acres than a house that sold in August, but the more recent one sold for $4k more. I think the only advantage it had was an above ground pool... Just seems silly that the $275k house would be an official comp for mine (well only for 2 more months I guess), but the more recent one technically wouldn't to most appraisers.

Is that house that sold for $279 the same number of stories as yours? Either have basements that are included in the square fottage?

[GoPhils]

No basements. Yeah the $279k one is 1-story, all the rest in the comparison are 2 (actually the realtor of the $265k one was saying that one was "1.5 stories" but admittedly not sure what that means and it sure looks like 2 to me. Again I get that ranches will sell for more $/sq ft, but not more overall, at least in this area. I think it's a combo of the market improving and someone just overpaying for that house. There was actually almost the same exact house that sold for $249k last summer.

[thebigW]

Originally Posted by GoPhils

I know that neighborhoods can have a "max" price, but in my area even within neighborhoods there are typically price differences depending on the specific house/lot. In my neighborhood right now it kinda seems that there's an average price but IMO I think it's more a factor of the market improving. It's not even that the smaller houses are selling for more $/sq. foot, they're selling for more or similar overall.

Bumping this thread because the "second" house I mentioned above just closed for $279k. Similar finishes, but 1000 less square feet and 1.5 less acres than a house that sold in August, but the more recent one sold for $4k more. I think the only advantage it had was an above ground pool... Just seems silly that the $275k house would be an official comp for mine (well only for 2 more months I guess), but the more recent one technically wouldn't to most appraisers.

The new sale could be a comp for your home. And, the older sale, that is more similar to you could also be used. With the older sale, if there is an increasing market, the appraiser can use it and make a time adjustment. The adjustment would increase the value to show the rising market.