How To Find Comps To Determin Your Offer Amount???
Folks,
What would be the best way to run comps in the area for the property I am interested in?
I know the first suggestion I will hear is to drive the neighborhood and check the prices on the houses that look similar and located near by and currently for sale.
Problem with this technique is that they all only ASKING and not SOLD just yet. Besides, you cannot get inside each of these houses and make honest compare to the property based on footage and conditions anyway. I would use this method probably to get TOP and BOTTOM prices of the local market, but how can I find real recently closed properties in the area?
Thanks!
PerlUser.
[ Edited by Perluser on Date 10/30/2003 ]
hey Perluser
something i've read about is maybe asking realtors that market around the area or realtors who know that area well may know what the house of that size and such may be worth.
go door to door where ppl live in that area and ask what their house is worth, what they bought it for and such. make sure you explain that you wanna buy "that house over there" and wanna try to figure out how much that house should be "conservatively" worth. ask how many sq ft their house is, how many br/bths, how much they bought for, and how much they would sell the house for. dunno if that would get you a sock in the mouth or not cuz i've never done it, only read about it.. hehehe dunno if that'll work but hey this is what this site is for, right?
[addsig]
There are 2 easy ways in my opinion
1. Call realtors.
2. Go here:
http://homesales.basis100.com/home_sales_report/
Thanks guys!
I will give it a shot.
Regards,
PerlUser.
Hi, I am an investor who is also a realtor. Just about any realtor will do a free comp analysis. Be straight with them though, and let them know up front why you want it.
BTW, I specialize in investment properties in and around the Sacramento area.