Land Pricing Characteristics
How It Works
In our advanced search section, we give you the option to modify how the comps actually get modeled for county and city pricing! Use these inputs if you'd like to tailor your pricing based on specific market conditions or known comp disparities in a region.
There are currently two inputs to modify the pricing, Comp Weighting and Comp Distribution.
Comp Weighting Input
The Comp Weighting input will allow you to adjust how we weight our modeling using for sale and sold comps. By default, we will set the custom weight to 50/50, meaning that for sale comps and sold comps will be equal*. By using the slider bar, you can adjust the relative applied weight to both the for sale and sold comps. Additionally, you have the option to click For Sale Comps Only or Sold Comps Only. When clicked, this will create a model with only the selected comp type**.
*Please note, our internal modeling will always weight sold comps higher, so this input is for additional weighting on top of how we've modeled it.
**Please note, this can be unpredictable, especially in areas with limited comps. Please see the research page for comp counts in your area.
Comp Distribution Input
The Comp Distribution input will allow you to set where the min and max boundaries are for outlier identification. We do this by using a statistical measure called IQR, or interquartile range. Typically, the IQR bounds are set to 25% on the low side and 75% on the high side, meaning that comps with a price/acre that fall outside of the middle 50% of the distribution will be considered an "outlier" and will not be included in the model. With this filter, we give you the option to set where those min and max boundaries are, and adjust them appropriately!
Please contact support if you have any questions or concerns.