Realtors often ask us how to prepare an accurate Comparative Market Analysis. The following is an outline of presentations given at Realtor Training Sessions.
Be subdivision specific in both MLS and Public Records.
Use recent data - no more than 3 months if possible. Especially important in a changing market.
Sort recent sales by Living Area (if subject is 1250 SF then search from 1150-1350)
Try to find sales without major differences (pool, water, room count, etc).
Search by Grid if there are not 5-10 sales within the subdivision fit 1-4 above (be sure to screen by size and eliminate major differences).
A market grid will allow you to see and make adjustments as necessary to compare the sale to the subject and arrive at a value range.
A Sample Market Grid is available free at: http://gulf-to-bay-appraisals.com/Market_adjustment_grid.pdf
Marten Davis, SRPA