Subdivision Or No?

[SELLITNOW]

IS THERE A GENERAL RULE OF THUMB I.E. "SAME SUBDIVISION" VS "1 MILE RADIUS" COMPS . . .

A NEWLY CONSTRUCTED HOME IN A SUBDIVISION FOR 219k WITH BUILDER PAYING 10K IN CLOSING COSTS VS. SIMILAR HOME WITHIN A MILE AWAY - BUT ON A STREET WITH OTHER NEW HOMES [JUST NOT A "RECOGNIZED" SUBDIVISION] AND THE BUILDER PAYING 10K IN CLOSING COSTS?

IS THERE A SIGNIFICANT FACTOR TO DWELL ON . . OTHER THAN SUBDIVISION VS NON-SUBDIVISION . . .?

(I HOPE THIS SCENARIO IS "SIMPLE ENOUGH" TO GET A FEW GOOD RESPONSES . . .

[Dan Connolly]

Well if there are comps in the same subdivision, you can't really go out of the subdivision to find a comp to use instead, but if there are no sales in the last year in the subdivision, then you would usually look further out.

[Discover Davis Homes]

Are you trying to figure out if both properties are worth the same amount of money?

The significant factor as an appraiser would be the use of the most recent similar sales. (I am a Certified Residential Appraiser turned Broker). The most significant factor representing a buyer would be what is currently for sale, what are other similar homes selling for. In both cases I would put the most weight on the homes that are most like the subject in terms of square footage, lot size, amenities and LOCATION.

[escapeso]

When I am doing a CMA some times I will do too CMAs. One with properties just in a small radius. And then a second CMA that has more properties pulling in a slightly larger area.

[Steve Didier]

Stay within the subdivision if at all possible - that will give you the best idea of value. If there simply are no recent sales to go by, then expand your search.

Keep in mind if you go outside the subdivision that there can be a huge difference in values for very similar homes in a mile radius.

[ericbadgley]

First same sub divison. But consider 1 mile radious