A short YouTube monologue warning buyers about a common mistake when using comps: map proximity or similar age doesn’t guarantee comparability. The speaker gives an anecdote where properties that appear adjacent on a map are on different elevations (hill vs. valley), making them poor comparables for valuation.
You can miss just one little thing in the comps that'll just completely make the deal go wrong. Yeah, you can miss one little thing about the location. Like, everybody knows what's going on at this location, but when you drive by at noon, you don't know it. I do want to give an example. We did have a package of properties, and they were all lined up right next to each other. And when you're looking on the map, it looks like there's a property, there's a street, and there's a neighborhood right across the street. And the properties are all fairly close to the age, same age. But when you actually go to the property, the subject property is actually up elevated on this hill, and the other properties across the street are way further down, like down in this little valley. And the properties aren't even remotely comparable.
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