61. You're doing a CMA on a three-bedroom, two-bath, seven-year-old property. Choose the BEST comp from the following list:
Answer: B
B) a three-bedroom, one-bath, 12-year-old property located a quarter-mile away that sold three months ago
This option is the best comparable property because it shares the same number of bedrooms as the subject property, which is a key factor in property valuation, even though it has one less bathroom and is older by five years.
A) a six-bedroom, four-bath, new build property located a quarter-mile away that sold six weeks ago
This option is not suitable as a comparable property due to the significant difference in the number of bedrooms and bathrooms. The larger size and new construction status of this property would likely lead to a higher market value, making it an unreliable comparison.
B) a three-bedroom, one-bath, 12-year-old property located a quarter-mile away that sold three months ago
This option is the best choice. It has the same number of bedrooms, making it more comparable, and although it has one less bathroom and is older, the proximity and recent sale date enhance its relevance as a comp.
C) a three-bedroom, two-and-a-half-bath, 15-year-old property located 20 miles away that sold 12 weeks ago
While this option matches the bedroom count, the additional half-bath and greater distance make it less ideal. The age difference of eight years can also impact the valuation, reducing its applicability as a comparable.
D) a three-bedroom, two-bath, seven-year-old property located a quarter-mile away that sold two years ago
Although this property is the same age and has the same bedroom count, the two-bath feature makes it a less accurate comparison. Additionally, the sale date being two years ago means it may not reflect current market conditions, diminishing its relevance.
Conclusion
Option B is the most appropriate choice for a comparable property due to its similarity in bedroom count and recent sale date, despite the differences in bathroom count and age. The other options either deviate significantly in bedroom, bathroom, or age, or are outdated in terms of sale date, making them less reliable for a current CMA.