In the sales comparison approach, comparable sales should be:

In the sales comparison approach, the principle is to evaluate the value of a property based on the sale prices of similar properties, known as comparables or "comps." The key to this approach is finding properties that are very similar in most respects to the property being appraised. This similarity may include factors such as size, age, condition, location, and features.

By ensuring the comparables are alike in these critical aspects, the appraiser can make an accurate and fair analysis of the property's market value. The more closely the selected comparables align with the subject property, the more credible and relevant the valuation will be. This aligns with standard real estate practice, where appraisers aim for properties that provide a true snapshot of what buyers are willing to pay for a home with similar characteristics.

In contrast, competitive listings may not reflect actual sale prices, as they are currently on the market and not necessarily sold. Comparing to properties on the same street could limit the pool of available data, not always accounting for market trends affecting broader geographic areas. Special sale properties can skew valuations due to unique circumstances surrounding their sale, such as foreclosures or charity sales, which may not reflect traditional market conditions.