Valuation reports for two homes in the same neighborhood returned a number of comps that were the same for the two reports (as you might expect) but the reports also had some comps that only appeared in one report and not in the other. Why didn't all the comps show up on each report?
To see an example of what I'm talking about, pull the reports for 260 Mimosa, Fayetteville, GA 30214, and 120 Petty Lane, Fayetteville GA 30214. Look at the comps in each report showing properties that sold on Hillsdale. Shouldn't all these comps show up on both reports?
We admire your review of the data and the analysis you were able to garner from it. To answer your question, "Shouldn't all these comps show up on both reports?", no.
The algorithms used by our data partner are designed to reference each subject property individually. The differences in SF, Lot size, year built, etc., will produce different comps where two homes are adjacent to one another with numerous similarities.
One concept of valuation we teach is to pull comps on the comps. As investors begin to farm specific neighborhoods or even entire market areas, multi comps help paint a picture. Investors gain truly meaingful data regarding up turns, reo's, absentee behaivor and much more.
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