Question on Finding Good Comps

Bird Dogs, Wholesaling
1

I wanted to get some feedback on how others are getting good comps if you are not getting them from a real estate agent. I’ve tried Zillow but have heard enough bad things to make me not use it. Also, it does not give the number of bedrooms which sucks.

Any ideas would be greatly appreciated.

Thanks,

Jean

2

I’ve seen Zillow be off 10k and i’ve seen them off 60k, I use them for rough numbers, but I also know my area. By Knowing the area, it saves you alot of time. But when I have decided to Purchase I always double check with my agent.

Good luck,

3

Zillow is a tool, but I wouldn’t even categorize it as a comparative sales program. Zillow is not bad; it’s just not accurate in terms of market prices. However if you know your local market well enough then Zillow can be a great to get a rough estimate. In one particular suburb I invest in Zillow is routinely off by $25,000, so I will add that to get an estimate.

To get reliable comps its best to go directly to the source and use a realtor. I don’t mean using one to buy a property if you don’t want, but paying the fee (generally $20-$50) for a package of comparative sales in the last 6 months.

If you still don’t want to check out this website-
http://66.203.157.33/default.aspx?at=reseller&id=reiclub06

It’s taken directly from this site and give sales, I don’t know how accurate it is but its better than Zillow. I believe you can only order 2 free reports within 24 hours.

4

So is anyone that takes it seriously for anything more than idle curiosity at this point…

Keith

5

you need #1 a tax program like reallist www.firstamres.com

and you need access #2 to the MLS to search Actives and Pending Sales.

don’t use zillow. this is not accurate.

i suggest you take the average price per foot of the sales versus the actives.

i.e. sale price $150,000 at 1350 sf = $111 per sf

6

Know your area, especially if you are trying to find good comps on your own.

Using Reallist is fairly accurate, and cheaper than paying a realtor, and if you are going to use sq ft price as a guide, make sure you are comparing sq ft prices of comps within the same or very similar neighborhoods. $100/sq ft might be a bargain price in one neighborhood, but $37/sq ft might be high, three blocks away.

7

Depending on where you live, local government may furnish recent sales. I line in NC and the county has a website. You also may want to check MLS and see what properties are going for in that area.