A comparable is a competing substitute
The strongest comparable is a property that the same likely buyer would have considered instead. It is usually close in location, housing form, ownership, size, layout, condition, parking, lot, and sale date. The closest address is not always the best comparison.
Start with the most similar recent sales, then expand distance or time only when necessary. Explain why each added property is relevant and where it differs.
Separate sold, active, and failed evidence
Sold listings show completed buyer decisions, subject to the details of each transaction. Active listings show what buyers can choose today, but their asking prices have not been proven. Conditional sales, when status is known, can show competition but may not disclose final terms yet.
Expired, cancelled, suspended, and relisted properties can identify price, condition, access, or presentation problems. Investigate the history rather than counting each listing as a separate home.
Adjust with evidence and restraint
Differences in lot, usable layout, renovation quality, major systems, basement, parking, view, condominium fee, and location can matter. Avoid applying a universal price per bedroom or renovation dollar. Buyers evaluate combinations of features.
If no close comparable exists, present a wider range and identify the uncertainty. Precision that the evidence cannot support is not useful.
Price strategy and value are related but different
A seller may list below an expected range to encourage a set offer date, near the range for conventional negotiation, or above it while testing the market. Each approach changes buyer expectations, showing activity, and the risk of accumulating days on market.
The strategy should fit current competition, the property's likely buyer, seller timing, carrying cost, and willingness to adjust. It should not depend on buyers ignoring stronger alternatives.
Update the analysis through the listing
New listings, sales, showing feedback, competing offer activity, and the seller's own traffic provide additional evidence. Decide in advance when the strategy will be reviewed and which signals would trigger a change.
Do not change price simply to create activity without understanding the target buyer. The goal is a completed sale on acceptable terms, not the largest number of clicks.