I was talking to a potential seller the other night, and she was telling me about the various agents she had interviewed without mentioning any names. One, she said even brought her a 30 page book of comps for her property. She was really impressed.
The property is in a more rural area but on a moderately priced golf course, so I guess you could say it's a golf course community. No gates or high priced fees, just overlooks a golf course. Only one property has sold out there in the past year, and it wasn't a really close comp for the house. I did find others on the same street for sale and similar enough to give us some idea of a price.
What I can't figure is what a book of 30 pages filled with comps from golf course communities as far away as 30 miles would have to do with the true value of this property. The agent said she just wanted them to see what was out there in golf course communities since there were no close comps. I can see no real importance to these comps since the other communities are much more upscale and so far away.
A couple of appraisers told me they try to stay within a mile of the property and within a few years of the age and a couple hundred square feet of the size. They said that they use a little more leeway on larger, newer homes than older, really small ones.
I think giving someone a booklet of comps that are not even in the same town is practically meaningless. I can see a few miles since this is a more rural area, maybe even within the same city, but 20-30 miles away in other towns? What a waste of paper.