Using comps correctly

[Fred Forgione]

I am in the process of pulling active and sold comps on a ranch and there is nothing on the market like the property.

Property:
Ranch, 12 rooms, 5br, 2.5baths, 4000sq. ft, 3.8acres.

When no real comps exist, I am uncertain if I should pull comps then based on the house or the acreage. I can find comps that have the same acreage but the houses are completely different and I can find similar houses but the acreages are not close. Any help would be awesome!

[Michal Rooney]

They will guess based on experience and the particular side of the local market they have seen. What else could they do? They would probably have a range of options like you're being presented. Now as to which one they've taken is a matter of personal preference ... of course this is also an educated guess

I recently looked at a property with no comps in the nearby area what happened was they looked elsewhere. They next town over because things existed and therefore sold there. It was rural.