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There are few good rule of thumbs to follow.
1. When selecting comparable properties be sure that they are similar in square footage. Basements don't count (you can use a finished or part finished basement as a benefit of purchase, but not for sqft comparisons [at least in CT].)2. When comparing prices be sure you're looking at the SOLD price and not the LISTED price.3. Typically, I use a list of values (NAR published a method also) to adjust the price of the comparable property with my subject property. Ex: New Roof = $2,000 to $3,000 -/+ depending on the area. Now, you add or subtract the adjusted amount of money to the "Sold" price of your comparable. This helps to "level the playing field" so to speak. For example. Your house has a new roof and the guy down the block has a similar property but his roof is older, maybe 10 years(ish). Well, that house sold for 200,000 last week...so you'll add the adjustment for a new roof to his sale and you have a listing price of 203,000... It can seem a bit confusing but once you think it though, it works. A Realtor is the best bet to get a good estimate. Obviously the replies from pervious comments hold true, you can't compare your property to a property that sold 2 years ago because of changing market conditions. And an appraiser can cost.
Now be careful when doing this comparative method because you could go overboard on the adjustments... adjust for only "Big Ticket" Items...roof, mechanicals, updated kitchen, additions...etc.
Hope this is helpful!
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