Using Subject Prior Sale as a Comp

[Carnivore]

DW,

I appreciate the thoughts. I myself am finishing up on the same kind of assignment. My assignment happens to be for the homeowner as recommended by their RE Agent for pricing. So I indeed plan on giving not only a point value but also a range. That fits nicely with the intended use of the report, "To assist owner/agent in making an informed decision on pricing prior to listing the home for sale on the open market."

 

[The Warrior Monk]

Sorry, but in my marketplace a site condo sold in 12-2006 (probably negotiated in 10-2006) may as well be on Mars. I think the only way I would use it is if one of my current sales ALSO sold in 12-2006 and I could compare the change in the comp's value over the same time period and hence the change in the subject.

Mike

So, in other words, the prior sale of the subject would indicative of the upper end of the value range? Sounds like a very good piece of market data to me. Vice versa in the accelerating market.

FWIW, one of the reports I completed yesterday was to determine the market value for possible sale, and I did use a range, in the form of a point value +/- percentage. That was mainly due to very limited and conflicting market data in the particular market area.