Should comparables older than nine months be used in property evaluations?

Using comparables that are older than nine months in property evaluations is generally discouraged under standard practices in real estate because the real estate market can fluctuate significantly within that time frame. Market conditions, such as supply and demand, interest rates, and economic factors, can change, resulting in a shift in property values.

Recent comparables provide a more accurate reflection of the current market conditions, which is crucial for setting a fair and competitive price for a property. When valuing a property, using the most current data helps ensure that the comparison is relevant and reliable, giving both buyers and sellers a clearer understanding of the property’s worth.

While there may be circumstances where older comparables could be considered—such as in markets with little turnover or where property types are rare—these situations would typically require strong justification and additional analysis to assess their relevance. Therefore, relying solely on comparables older than nine months is not advisable due to the potential for significant discrepancies in property values over that period.