Separate price type from property similarity
Two homes may have similar square footage and finishes, but that does not make their prices equivalent evidence. An asking price records a seller’s proposed amount. A verified closed-sale price records a completed transaction, subject to the terms and condition of that sale.
Both can be useful. Listings help you understand current competition; closed transactions help you evaluate demonstrated buyer behavior. Fannie Mae’s appraisal guidance calls for analyzing comparable closed sales, contracts, and listings together, while identifying their differences. That is appraisal methodology, not a statement that a listing-based estimate is an appraisal. See Fannie Mae’s sales comparison approach.
| Record | What it can tell you |
|---|---|
| Active listingThe seller’s current asking price | Competing inventory, positioning, and price changes. An asking price does not show what a buyer will pay. |
| Pending or under contractOften still the published list price | A signal that a property has attracted a contract. Confirm whether a contract amount is known; closing and final terms may still change. |
| Closed saleA reported transaction price to verify | Evidence of a completed transaction. Verify the amount, dates, condition, concessions, and whether the sale was comparable. |
| Delisted or removedA last observed asking price | A change in listing availability. Removal or a delisting date is not proof of a sale or its price. |
How to read Maison’s comparable listings
Listed prices are not verified closed-sale prices
Maison uses comparable listings and market adjustments to estimate value. Its listing-based evidence can include listed prices, dates, distance, and similarity. Treat that estimate as a starting point that needs validation with local closed-sale evidence.
A similarity score helps describe the match between properties. It does not verify a transaction, establish a probability of selling at the listed amount, or confirm the condition of the home. A delisting date also does not establish a closing date.
When investor-supplied prices, notes, or links are added to an analysis, keep their source and verification status visible. Adding a source link does not mean Maison has independently verified that evidence. The sample report shows how to read the assumptions alongside the output.
A checklist for every comparable
Price basis and status
Write down whether the amount is a list price, a known contract amount, a reported sale price, or a verified sale price. Record the status shown by the source. Leave unknown fields unknown rather than turning a removed listing into a sale.
The source and the date you checked it
Save the specific record or source URL, the amount, and the date retrieved. For closed sales, seek enough corroborating information to understand the transaction. Fannie Mae distinguishes data sources from verification sources and asks for specific sources rather than a generic “public records” label. See its data and verification guidance.
Contract, closing, and listing dates
Keep these dates in separate fields. A sale that closed recently may reflect terms agreed earlier. Fannie Mae’s guidance asks appraisers to consider market changes between the contract date and the valuation date. Do not assume an older price remains current without checking the market. See market conditions and time adjustments.
Location and property characteristics
Compare property type, usable area, lot, layout, parking, and location influences. Proximity alone is not a sufficient match. Fannie Mae discusses similar physical and locational characteristics, and explains that competing market areas can sometimes provide the most appropriate comparisons. See its comparable selection guidance.
Condition at the relevant time
Use photos, the description, and any reliable condition information from the transaction period. For a flip, compare your planned finished condition with the comparable’s condition when its price was established. A newly renovated home and a house needing major repairs should not be averaged as though they were interchangeable.
Terms, concessions, and uncertainty
Note known seller credits, unusual financing, or transaction circumstances that may affect the comparison. Avoid automatic dollar-for-dollar adjustments without supporting evidence. Fannie Mae calls for market-supported adjustments when concessions affect price. See its guidance on adjustments and concessions.
A simple example: three different price signals
Imagine one renovated home listed at $700,000, another similar home with a verified $660,000 sale, and a third listing removed at $685,000. These are invented records for illustration. They do not establish three sales averaging roughly $682,000.
The active listing is an asking-price signal. The closed sale is transaction evidence to assess for timing, condition, and terms. The removed listing has an unconfirmed outcome. Start with those distinctions, investigate why the records differ, and build a supported resale range instead of treating every amount as interchangeable.
Carry uncertainty into the deal budget
A single resale number can hide weak evidence. In the free flip calculator, test your supported base estimate and a lower resale scenario. Then see how the change affects your cost-based maximum offer.
If the project only works at the highest asking price you found, that sensitivity deserves closer review. The arithmetic can be correct while the resale assumption remains unproven. A qualified local agent or appraiser can help investigate the transaction evidence and property differences.
Methodology sources reviewed September 29, 2026. Fannie Mae’s cited requirements apply to its appraisal context; this guide is a research aid and does not produce an appraisal.