Which of the following best describes a comparable property?

A comparable property is defined as one that shares similar characteristics with the subject property, making it suitable for comparison when determining value. This similarity may include factors such as size, location, age, and features, which help in evaluating the market value of the subject property by analyzing how much similar properties have sold for recently.

Identifying properties that align closely in these characteristics ensures a more accurate assessment of value since it takes into account the market conditions and trends relevant to properties that buyers are likely to consider alongside the subject property. Understanding these comparisons is foundational for appraisals, pricing strategies, and market analyses in real estate.

In contrast, a property sold for a lower value does not provide a valid benchmark for comparison, as it may reflect different market conditions or inferior property aspects. Similarly, a dissimilar property would not yield useful or reliable insights into the market value of the subject property, as the fundamental differences would skew the assessment. Lastly, a property that has been foreclosed may not represent the typical market scenario and, therefore, could mislead evaluations if it lacks comparable attributes with the subject property.