I'm looking for some insight into Lands of America Off Market Comparables. Does PRYCD use these to estimate retail market value? If yes, how are they weighted to estimate retail market value? If I shift my weighting in favor of sold comparables, will I limit influence from Lands of America Off-Market Comps? I'm also curious how other investors think about these comps? I tend to mostly gloss over or ignore them since I have no idea how old they are or if the listing ever actually sold at the price advertised.
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Hi Josiah,
Thank you for your question! We do use Lands of America Off Market to create a market value, but they are weighted less than the other comps. The reason for this is because we do not know when these comps were listed/sold, so it's harder to gauge how recent their price tag is.
With that being said, we still like to include these comps to supplement areas where comp data is sparse (especially in non-disclosure states).
To answer your other question, yes, by weighting sold comps higher, you will further reduce the input the off market comps have on the final market value!