Comps
I pull comps off Yahoo and Wells Fargo website as a preliminary before I go view properties.
The comps that I pull are always much higher than the comps my Realtor pulls. Has anyone found that the comps on Yahoo and Wells Fargo are way off?
Yaisa
I'm not sure about Wells Fargo, but the ones from Yahoo you may have to research a little more. The properties may be from a mile away that the comps are showing. You might want to try www.homeradar.com, it will allow you to search by months and distance of the address in question. Also, you should make sure when you pull comps that the houses you use to calculate the comps have similiar featurs (beds, baths, sq. ft.). You should take an average of the most recent 3 sales in the area.
Tanya
It is now common for almost all real estate offices to have a link to their MLS system - just go there and do your own comps. At the national level www. realtor. com links to all mls systems in the us.
www.realtor.com huh? are those the ones realtors use to pull up the comps? or is that like a generic one and it has that name?
[addsig]
It only shows the asking prices - but you can use that scaled down a bit as a good approximation for comps. The realtors go to the brokers side of the individual MLS systems, where they can see the actual selling prices as the basis for their comps.
Thanks for the reponses.
I went to the site www.realtor.com and I was not able to pull comps. Do you have to complete the form and have a Realtor contact you with the information.
I'm trying to determine the ARP (After Repair Value) of a home that I'm interested in. Is there a better way to determine this information?
Yaisa
SInce you asked if there is a better way, I will state that there is only one way and that is through the MLS. People try to use assessor info, square footage, yahoo, ect...
But when it comes down to it what would be the ideal information to tell you what your house is going to sell for?
It would be to find out what the identical house already sold for in the exact same neighborhood just a month before. - which is what the MLS will do for you. (The identical house is a best case scenario you have to learn to compensate for your case. If your house is a two story, throw out the sold ranches, 2 car garage, throw out the no garages)
Always take into account your buyer and the process he will take to get to your home to look at it. The majority will be from a realtor who searched the MLS with price being the final criteria.
If you are going to be selling your house for $165,000 your buyer will most likely look at the other houses for sale nearby that are selling for $155,000-$175,000. Will your house stack up favorably as a value to the competition? Because that will be how the buyers decide to make an offer or not.
Ask a realtor. She/He will do it for free and it will be much more accurate...
Some title companies will do it for you. Start a relationship with them and they will do good things for you. They gave me a password for property look ups such as comps, property owner, the works.
Hope this helps,
TF
Quote:
On 2003-12-08 14:41, Codythebest wrote:
Ask a realtor. She/He will do it for free and it will be much more accurate...
They have no problem doing it for you?
I haven't asked a realtor before, I guess because I figured they will think I am selling my house and asking me questions...which is stupid of me...when 2 or 3 minutes of inteogation could save (or make) me thousands of dollars.
Good idea (that I already knew was their...just needed to think about why I never did it)
Thanks!!
JB
[addsig]
This agent will be happy to help you with the comps. As will most others. :-D