value comps pulling the property itself

Question

Starting on Thursday as i was testing out the data pulls every time i would pull a property value estimate the Api call would use the property listing itself as one of the comps. This happened across multiple properties in various states. It wasn't doing this before Thursday, and in the comp that is generated of the matching property shows that it was sold 1 day ago. it also only appears to be only doing this with the value estimate comp.

Realty Mole · Answer

Hi ClarabellaConsulting,

Thank you sharing your additional feedback with us, I will make sure our product team receives it!

Cindy Bellford
Realty Mole Support

ClarabellaConsulting · Answer

Here is an example of it returning itself for valuation.
 url: 'https://realty-mole-property-api.p.rapidapi.com/salePrice',
  params: {
    address: '175 Alto Ct West Branch MI 48661',
    propertyType: 'Single Family',
    bedrooms: '3',
    bathrooms: '1',
    squareFootage: '1109',
    compCount: '5'
  },
	
	The first property returned is itself.

I see two problems with this:

1. A property should never show itself in the results as a comp.  Maybe a where property_id != subject.property_id?

2. The biggest problem is Comps should never be based off of For Sale or For Rent.  If everyone in a neighborhood bloats their listing price because the heard on the news that it was a seller's market, then all of the comps would be wrong.

An appraiser always uses recent SOLD properties, along with tax records.

Is it possible to use SOLD and RENTED for valuation if data is available and FOR SALE and FOR RENT if data is not available for a region?

Realty Mole · Answer

Hi there,

That is correct, our property value and rent estimate endpoints use for-sale or for-rent property listings, not actual sold or rented properties. The comparable properties that are returned from those endpoints are either active or inactive listings with their listed dates and prices.

I hope this helps!

Cindy Bellford
Realty Mole Support

Christopher Marshall · Answer

Oh, the property value estimate IS NOT pulling SOLD properties but active listings still on the MLS? Is that correct?

Realty Mole · Answer

Hi there,

Can you please share a few example API requests (full request URLs would work) for which you see this happening? Once I have that, I can forward it to our product team for further investigation.

And as far as our property value and rent estimate endpoints in general - please keep in mind that the comps returned by those endpoints use comparable listed properties and their listed prices/rents. These are not sold (or rented) properties.

Cindy Bellford
Realty Mole Support

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value comps pulling the property itself