ARV

ARV from Comps

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How to use the ARV from Comps

1
Enter your house's size
Use finished living area from the listing or county records.
2
Add the best comp first
A closed sale of a similar, updated home, close by and recent. Enter its price and size.
3
Adjust for differences
If a comp is worse than your finished house, add value. If it's better, subtract.
4
Add one or two more comps
More comps make the estimate more reliable. Set a price to 0 to skip one.

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The after-repair value is the number every other calculation depends on. This tool averages the adjusted price per square foot of up to three comparable sales and applies it to your house.

Worked example

The house is 1,600 square feet. Three renovated homes nearby sold recently:

Comp 1: $395,000 for 1,650 square feet, no adjustment.
Comp 2: $372,000 for 1,540 square feet. It has no garage, so the buyer adds $5,000.
Comp 3: $410,000 for 1,720 square feet. It has an extra bathroom, so the buyer subtracts $10,000.

The adjusted prices work out to $239, $245 and $233 per square foot. The average is about $239, which gives an ARV of about $382,000. The range runs from about $372,000 to $392,000.

The formula

Adjusted $/sq ft = (Sale price + Adjustment) ÷ Comp square feet
ARV              = Average adjusted $/sq ft × Your square feet

Common mistakes

Using list prices. Only closed sales count.
Mixing condition. Comps for an ARV should be renovated homes, not homes in the condition you're buying.
Reaching too far. Comps from a different school district or more than a mile away can mislead.
Relying on price per square foot alone. It works best for similar-sized homes. Large differences in size skew the result.