Anybody have a good idea how to do a market evaluation without having access to the MLS since I am not a realtor?
ESG,
Are you working with a realtor? Are you a member of your local REI Club? Do you have an appraiser on your ‘team’?
I believe you are probably speaking of a CMA, Comparative Market Analysis of a property…?
Keith
In lieu of MLS…
Agents
Agents could do a quick search & email you potential comparables (verified closed sales are the most important factor to determine market value, but don’t forget STI’s, & Pendings).
Just describe the area & property to the Agent (if you don’t know one)…don’t give em an address or you could find yourself with some unwanted competition.
Appraisers
You could try calling appraisers & ask what they’d charge for some simple raw data (tell em you don’t want their opinion of value…which will cost plenty…just raw data).
They’d enter information into whatever system they use based on the property you’re attempting to valuate.
For example: You’re interested in a 3bdrm/2.5 rambler, built in 1967, average quality contruction, in average condition, 2 car garage, on a 9,600 SF lot.
Ask (a willing appraiser) to conduct a property search of all 3 bdrm, 2-2.5 bath ramblers, built between 1960-1975, Avg. quality & contruction on lots up to 16,000 SF, within a 1/2 mile radius of your subject property.
That should give you ample amount of data (depending on the population density of your subject property). You’ll then look through the data yourself…for the homes in the closest proximity to your subject which are the MOST similar to the property you’re valuating.
Title Companies
As a last ditch resort…you could call Title Companies and ask them for comps.
I rarely get what I consider “comps” from Title Companies, and you’re only as accurate as the data you’re using.
-Infowell
remember to ask them for SOLD comps it does not matter what is on the market you don’t know what they are going to sell for! Robb