I’m planning to do the the “visit 100 houses” idea that propertymanager and others have recommended. This might be a silly question, but:
The information you will get from this process of visiting 100 is the seller’s asking price, and getting a sense of the layout & size & condition of the houses. But with a lot of sellers still holding out for unrealistic prices, prices dropping rapidly, and houses languishing on the market forever, how do I get an idea of what the particular houses I go to visit actually sell for? (I hope I’m making sense here). I live in one of the worst hit areas (Fla.) so the market is unstable here. Thanks.
Start getting comps from a Realtor in the area where you’re looking to buy. This will tell you what other similar houses sold for. Make sure you find out how recently they sold because of current market volatility in certain areas. Keep an eye on the MLS. You’ll start to see price drops. A Realtor can look at the listing history and find out the list date, the starting price, any dates the ad was renewed, and when the price dropped. Some Realtors may even be able to tell you the “story” of the house. Maybe they’ve heard that bank is finally ready to deal on that REO or the homeowner of that other house you’re interested in just got transferred and must sell now, etc.
The answer to your question will become self-evident when you go look at those 100 houses. You see, the exercise isn’t only about looking at those house, but it is also about meeting and talking to people. As you go through the houses and talk to the owners and realtors, they’ll tell you about houses that sold across the street; about other houses that are for sale; about Aunt Suzie who has a house that she inherited; about the druggies down the street, etc. In other words, you’ll learn MUCH more than simply the asking price; layout; and square footage!!!