How to select comparable properties for home appraisal to avoid significant deviations?
When performing appraisals or reviewing appraisal reports for clients, what I fear most are comps selected solely based on similar prices. Similar prices do not equate to comparability. Location, square footage, year built, lot size, property condition, closing date, and concessions can all significantly skew the results. I generally narrow the scope first: the same neighborhood or a similar…