Final answer:
When selecting comparables for a competitive market analysis, the location, square footage, and upgrades should be as similar as possible to the property under analysis.
Step-by-step explanation:
When selecting comparables for a competitive market analysis, the location should be as similar as possible to the property under analysis. This is because location plays a significant role in determining the value of a property. For example, if the property under analysis is located in an upscale neighborhood, the comparables should also be in similar upscale neighborhoods to provide an accurate assessment of the property's value.
Square footage is another element that should be as similar as possible to the property under analysis. If the property is large in size, the comparables should also have a similar square footage to obtain an accurate comparison.
Upgrades or features can also be considered when selecting comparables. For instance, if the property under analysis has recently been renovated with high-end finishes, it would be beneficial to choose comparables that have similar upgrades to reflect the property's value accurately.