Does the comps tool use public records or MLS listings data?

The Comp Analysis tool helps users locate comps that can be used to evaluate a subject property. In step 2 of the tool, you can search an area for comps and narrow that search based on many parameters including property facts, such as living area, beds and baths, etc.

It's important to note that the facts used in the comps search can vary depending on a property's status (active listing, recently sold, off market). In some cases, listings or public records data may not be available, and then the other is used to power the search. Let's take an example of a comps search where a user wants to find comps that have 3,000 to 3,500 square feet of living area. The user indicates this preference in the step 2 search. The search returns some active listings, some recently sold properties and some off-market properties.

The active listings are chosen because they have 3,000 to 3,500 square feet of living area in the listings facts provided by the MLS. (The public records data could be different, but it is unavailable.) The recently sold and off market properties have 3,000 to 3,500 square feet of living area in the listings data if available, and the facts drawn from public records if listings data are unavailable.

Here is the order of preference for data used in searches:

  • Active Listings, Recently Sold and Off Market properties are identified based on listings data when both listings and public records data are available.
  • Active Listings, Recently Sold and Off Market properties are identified based on listings data when listings data is available but public records data is not available.
  • Active Listings, Recently Sold and Off Market properties are identified based on public records data only when listings data is unavailable and public records data is available.

 

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