Dont go back any further then 6 months, expand distance to subject property keeping the assets with the 15% / 25% variances allowed by the Free Hand Out Authority. Make sure you get two pendings, three sold, along with three listed. Check local inventory levels for REO, NPP or NOD, along private sales. Compare properties sold to listed amount, and determine the difference, then factor that into your value as a projected to loss to value over the next 12 months. This should be far more accurate. Also, this credit market is far more like the 1980's markets where lenders couldnt lend, and no one qualified, so valuation models would meet that time period more then mid 90's model with the Clinton years.
Aug 4, 2010