Question:
[Email from someone wanting to price a one-story home.]
“After looking at the comps, only property #5 seems comparable enough to be relevant. None of the others are single story. ”
Answer:
Indeed, the more comparable the “comps,” the better.
So it would be preferable if we had more one-story comps to use, but there aren’t any nearby.
On average, a one-story home is arguably more desirable than an equivalent two-story. On the other hand, a one-story home may use up more yard for the “footprint” of the home, which is a negative.
Either way, you can only use the comps you have and make adjustments for the difference. That’s the art and science of pricing a home.
