Hi Team, I would like to start looking at some no disclosure States. Question is: how do you shape you "sold" comps, being that - for what I noticed - Zillow (and other websites) does not show the prices at which properties were actually sold for these States? Is the reliability of your sold comps (for these States) affected by the lack of data available?
Thank you very much!
Arturo
Hi Arturo,
That's a great question! For the non-disclosure states, we rely more heavily on the for sale comps for our modeling. We still have the sold comps from Lands of America, but for Zillow and Realtor.com, there is no price data unfortunately. Our models are tuned to handle situations where there are few to no sold comps, but we have suggested to others that because for sale comps are typically valued higher than sold comps, it may be worthwhile to scale your offer % down in non-disclosure states to account for the missing sold data. This is totally optional (as we already account for this), but it's certainly something to consider!
Hopefully that helps!