Posted by Dan on May 07, 2011 at 18:52:00:
Redfin is Terrific. I am a Realtor and use it to cross check my work on the MLS system
Running Comps - Posted by New Guy
Posted by New Guy on May 06, 2011 at 18:05:48:
I was wondering, is there a way to get comps for a property, without being a real estate agent? The best I’ve got to work with are recent sales reported by zillow. Just hoping theres a better way. Thanks
Re: Running Comps - Posted by New Guy
Posted by New Guy on May 10, 2011 at 12:25:32:
So, I’ve got access to Redfin’s website now. I’m looking for recent sales, right? Not what’s currently on sale? Also, so I get 3 or 4 comparable properties, what do I do then? Do I take an average of them in order to establish roughly what a particular property is worth??
Thanks again
Re: Running Comps (& buying bargains)… - Posted by Chris in FL
Posted by Chris in FL on May 09, 2011 at 24:45:50:
Many local government property appraisers have websites with a ton of property info., and sometimes even ability to check comps. I use my county property appraiser sight almost daily… Also, check with a local REIA, and ask what others are using. My REIA had an affiliated title company for years, and if you used them for title work they gave you a great free comp service (same one all the realtors use). Also, build your knowledge of prices by looking at tons of houses and deals (perhaps target neighborhoods) - I rarely have to comp a house because I know the values of the stuff I buy better than most appraisers. They might appraise ten houses a month, and I might evaluate and look at 30 a month, every month… I am always current on what is going on in the market just by being active. Also, because I often pay cash for REOs or short sales, I have a realtor send me an e-mail list every day of all new listings and price changes (automated; they set it up once and done)… Then make sure you present some offers through the realtor - get them some income! It isn’t comps, but it helps… Every day I get to see listings, with prices, pictures, details about the property, etc., all from my desk before I ever leave the house. With the ones close to my criteria, I can check the property appraiser sight for more info. and comps (as already mentioned). Then a quick list of any I want to go see and I am on my way… The best deals go fast - you don’t steal in slow motion! I have a buddy that gets constant updates of all MLS changes texted to his cell phone - sometimes he is at a house within minutes of it hitting MLS!
Best wishes,
Chris
Re: Running Comps - Posted by Chris in FL
Posted by Chris in FL on May 15, 2011 at 24:58:45:
If you are comping one particular house to determine if the deal is good enough, pull many comps all close by. Drive by all of them, and determine which houses are most like the subject, and what they sold for. Have to keep in mind condition of properties, size, style, lot desirability, etc. If you continue to do this for multiple properties in target areas, you will start to know values, and you won’t have to work as hard looking at other properties later. Also, as mentioned previously, get a real estate agent to e-mail you listings in your target price range every day. This does two things - one, you window shop MLS properties daily, and two, you keep your finger on the pulse of your local market (feel changes in the market place). Combine these things, with some knowledge of repairs if dealing with fixer uppers at all, and in no time you will be very good at determining values of homes. Then you recognize a great deal when you find one, and you can act quickly (because you don’t steal in slow motion). If you find a great deal, but it takes you two weeks to analyze it, somebody else probably already bought it!
Best wishes,
Chris
Re: Running Comps - Posted by Anthony
Posted by Anthony on May 10, 2011 at 13:50:50:
that gets into appraisal theory. averaging random comps doesn’t usually get you where you want to go. what you want for sfr 1-4 is ideally to have a comp next door that’s exactly the same as the subject property that sold yesterday, now that’s a good comp. the more you vary from that (sqft, distance from subject, time since sale, etc) the less reliable the comp is. basically, you need to find comps “like” the subject. if you can’t you shouldn’t use them at all.