Similar

Similar describes a property that shares enough relevant characteristics with the subject to provide meaningful evidence for a valuation analysis. Factors may include size, age, style, condition, construction quality, lot characteristics, location and other features that influence buyer behavior.

Similarity is based on market behavior rather than an exact match of specifications. Two properties are similar when buyers in that market would reasonably consider them alternatives. Determining that relationship requires local market knowledge because the characteristics that influence buyer decisions vary by location and property type.

Similar sales generally provide stronger valuation evidence than dissimilar properties because fewer or smaller adjustments may be necessary. However, distance or a difference in one characteristic does not automatically make a property unsuitable. The overall relevance of the comparable to the subject and its market should guide the analysis.