Gee, do ya think?? Forget the on-line site unless you don’t care if the comp is plus/minus about 80%…appraisers and Realtors are far more accurate! IMO you’ll wind up skinned using on-line stats.
Listen to dowdinvestments – find a friendly, investment-wise Realtor and buy a property with him/her once in a while…
Or better yet, get away from the computer and actually go look at 100 or 200 houses in your area. There is no substitute for actually KNOWING your market!
Some of the new folks need to understand that Mike and I don’t think they do…the fresh air might do them some good, too! I think they visualize themselves sitting in their “command central” (Bark-o-lounger) with 6 or 7 remotes and a keyboard controlling their real estate empire at the touch of a button…in reality, it’s not quite so easy or so glamorous!
In addition to the mls, and knowing my areas, I alos use Sitexdata and Realquest. They are pay sites, but they are acurate and good tools for my presentations.
When Keith and I talk about looking at 100 or 200 houses for sale, we mean actually look at them, inside and out, not just walking or driving by them. Once you get to know your market, you won’t need comps, appraisals, websites, pay sites, or anything else to determine the value. When I look at a potential house to buy, I can determine within 15-20 minutes what the market value is, what the repairs will cost, and what my offer should be. If the numbers work, I’ll make an offer right there on the spot.
Most areas of michigan have county public tax information, typically you can do a search via street off of those. I know in my area Grand Rapids you can find out most of the sales this way and it is all available online.
Michael at http://www.reiu.com offers free comps through FastWeb. It is excellent tool. He actually pays for the service and offers it free to investors. You need to register on his site.