Back in November of last year, I did an exterior BPO on a rural property. When I do a BPO, I pretty much always do this: find "neighborhood" actives, "neighborhood" solds, and then comparable actives and solds that are ideally within a mile of the subject, but for these rural properties, the distance is often much greater than a mile.
I put the "neighborhood" in quotes because out in the sticks like that, it's kind of hard to say where exactly the neighborhood is. In these cases, I generally use at least the nearest half-dozen listings or recently solds to comprise the "neighborhood."
The other day, I got an interior BPO request. It turns out, I had done an exterior BPO for this property back in November of last year. This happens from time to time, and what I like to do is go back and look at what happened to the "active" listings I based my previous BPO on.
In this case, there were ten listings in the "neighborhood." Of those 10, one sold. The rest all expired or got cancelled. Zoinks. And, the three "active" comparables I used formy BPO - two expired, one cancelled. Double zoinks.
Let that be a lesson out there to all you sellers. Need to sell? Get aggressive. There's no time to waste in a market like this.