Determining ARV For New York Rehabs
My partner and I are looking to purchase a 2-3 family property that needs rehab in Brooklyn, however We're having trouble determining the ARV for properties. The sale price for similar properties in the same area are not consistent at all. There are differences of up to $50,000. So how do we determine what the ARV is so that we can know how much we can offer.
Also, We tried contacting several realtors for comps but they are unwilling to give them to us, even when we agree to list the house with them for resale. Any help or advise is appreciated
look at the price per square foot.
Then if your still troubled.....guess....logically.
The price of a house is between an agreeing buyer and seller.
Thank you for your help
Can I use the market value from the tax assessors office
you can....but it is no where near correct. I don't care what formula someone tells you to use, they are always wrong.
Try this site....on here the square foot displayed is gross. You need to know the heated sqr ft of each address to get a good comp. Or, just go to a realtor and ask them to pull a comp for you. tell them your wanting to build a relaitonship with a realtor and want to start here.....them pulling a comp for you
http://homesales.basis100.com/home_sales_report/
Wow, I'm really surprised you can use a per square foot value to help you determine the selling price.
Luckily I have a realtor who does all my comps and when I compare those comps the one thing that is all over the board is the square foot value.
In our neighborhoods you will usually have a mix of ranches, tri-levels, bi-levels and two stories thrown in and the price per square foot can very from $70 to $150 on the same street.
Part of that reason is also condition. Two houses with the same floor plan but one that was completely update could vary by $10-15 a square foot.
I find the MLS comps are the very best source for me since you are trying to find out what the house will sell for, which is based largely on what the homes around it have already sold for.
If you can't get an agent to help you, there is a 3rd party solution called http://realquest.com
You can do comps with it just like using MLS, it is actually set up even better than MLS for comps I think.
It is an expensive service, but you can get a 30 day free trial, which would probably help you get through this property.
[addsig]
Thank all of you for your help
I going to sign up for realquest and get my comps from there. I don't feel comfortable determining ARV by price per sf.