Todays tip...Know you market & data

We all want to know…“whats the comps on this house?”

For anyone starting…learn your market, and don’t rely on on-line sources only. Work with a realtor if need be…but know your market.

I thought I’d try a little experiment: Picked a house I know sold at $195. Being it was a duplex and there are several in the area the comps agreed.

So first stop…
My name is xxxxxxx (to protect the innocent) and it is my pleasure to provide you with this information on home sales in your area. As a Real Estate professional I look forward to showing you how you may increase the value of your home.
Houses in your area sold between $149,000 and $505,000 in the last 18 months.*

What is that…the entire spread of the town?

$208K… not bad this time. Last month it was $240K, they must be adding to their database.

So bottom line, be sure to do some checking and research until you KNOW your market, then you will know when something is out of line.

Happy Investing

I agree that you have to trust your instincts on comps. I stick to the area I know. Comps are nice only to back up what I already know about my area. I’m comfortable in my area with pricing and I like it that way.