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In the "good ole" days when values kept rising, lenders wanted competing / comparable sales that sold in the past 12 mo and were within a mile. That got dwindled down to 6 mo, and now they "dream of" sales that sold in the past 90 days. That having been said, Usually it is important to target all your sales comps from within the same historic district or from a competing / comparable historic district neighborhood in the same town. Then as a last resort from within a similar neighborhood from a competing / comparable town or city. They'll always want at least 1 sale from the subject's historic neighborhood even if you need to go back beyond a year. Go back as far as you need to and just Explain, Explain and Explain.What is a competing / comparable neighborhood. For Andover you would likely have only 1 other alternative as Lawrence, Wilmington, Tewksbury and North Reading are different markets. Even if a market adjustment is needed - if you absolutely can find nothing in Andover, search around in North Andover.It's important to remember that just because a home is an "historic home" or antique home, it doesn't always equate to higher value. It depends where it is, and what are the present market conditions. Also, a huge home doesn't always sell higher than a smaller home. What would you prefer? A huge home where a lot of money is needed to get it into Average condition. Or a smaller home that already is in Average condition? That depends if it isn't "daddy warbucks" who is doing the buying I guess.
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