Real estate comps are important when you are required to estimate the worth of your property. Many people think it is simple to estimate the worth of a home by observing it. However, most of the time the estimation is usually off by a large value. Structural condition, location, schools and amenities are some of the things that determine the value of a house. Whether you just want to find out how much your property is worth or you want to dispose it, using comparables is a good way to find out the market value.
There are several methods you can use to research local comparables so that you can estimate the value of a home. One approach is to go for open houses. It is advisable to investigate other homes in the locality especially those that are being sold. Most of the homes that are on sale have open houses on weekends. You should keep your eyes open for signs or newspaper adverts that promote open houses.
It is advisable to look out for homes that designed in a similar manner to yours. The size should also be the same. You can extend your research to the neighboring town if necessary. When you visit houses that are similar to yours you will understand the various options that are available for buyers.
Visiting local courthouses is another option. This option will work in some states only. If you stay in a disclosure state it will be easy to get information about property from the courthouse. If you spare enough time you should be able to get the history of the target property from this source.
Another way to research is to use the internet. There is a lot of information about real estate on the web. Some sites even provide you with an estimated value of your property. All you need to do is enter the address and you will get an estimated value. The worth is given as compared to other homes that are on the market or those that have been sold already.
If you want to involve experts you should hire an appraiser. This is a professional who has been trained and certified to determine the value of property. An expert will not only use the value of other homes but also the updates and improvements that have been done to your house. It is important to hire an appraiser who is certified and licensed. Experience should also be a factor to put into consideration.
If possible you should use the Multiple Listing Service. Access to information on this service is limited to a small number of people. Only people who have real estate licenses are allowed to use this service. You need to look for professionals who are allowed to access information on this service.
You can build good relationships with real estate agents who have access to MLS. Though it takes time and effort to grow a relationship it is an effective way to get comparables. When you have established a valuable connection you will be able to get real estate comps.
There are several methods you can use to research local comparables so that you can estimate the value of a home. One approach is to go for open houses. It is advisable to investigate other homes in the locality especially those that are being sold. Most of the homes that are on sale have open houses on weekends. You should keep your eyes open for signs or newspaper adverts that promote open houses.
It is advisable to look out for homes that designed in a similar manner to yours. The size should also be the same. You can extend your research to the neighboring town if necessary. When you visit houses that are similar to yours you will understand the various options that are available for buyers.
Visiting local courthouses is another option. This option will work in some states only. If you stay in a disclosure state it will be easy to get information about property from the courthouse. If you spare enough time you should be able to get the history of the target property from this source.
Another way to research is to use the internet. There is a lot of information about real estate on the web. Some sites even provide you with an estimated value of your property. All you need to do is enter the address and you will get an estimated value. The worth is given as compared to other homes that are on the market or those that have been sold already.
If you want to involve experts you should hire an appraiser. This is a professional who has been trained and certified to determine the value of property. An expert will not only use the value of other homes but also the updates and improvements that have been done to your house. It is important to hire an appraiser who is certified and licensed. Experience should also be a factor to put into consideration.
If possible you should use the Multiple Listing Service. Access to information on this service is limited to a small number of people. Only people who have real estate licenses are allowed to use this service. You need to look for professionals who are allowed to access information on this service.
You can build good relationships with real estate agents who have access to MLS. Though it takes time and effort to grow a relationship it is an effective way to get comparables. When you have established a valuable connection you will be able to get real estate comps.
About the Author:
Still want more about real estate comps? Then GO HERE. If your interested in learning more about real estate and real estate investing then join this FREE newsletter today!