Real estate comps come in handy when estimating the value of property. It may appear easy to estimate the value of homes by just observing them but most of the time the real value is different. Usually the factors that determine the worth of a home include the location, schools, structural condition as well as the amenities available. Use comparables to determine the worth of your house if you want to sell it.
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.
When you are visiting the houses that are on sale, you should consider those that are similar to yours both in design and size. If you need to evaluate more houses you can go for open houses in the next neighborhood. By visiting other homes that resemble yours you should be able to understand the choices and options that buyers have.
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.
It is also advisable to use the internet to carry out research. There is too much information about property sales online. Some websites provide you with the estimated worth of a home if you provide the address of the property. The value is calculated by looking at the homes that have been bought recently and those that are on sale currently.
You also have the option of hiring an appraiser. Appraisers who are certified are well trained to estimate property values. Professional real estate appraisers document the market value of your home fairly. An expert will also consider the improvements and updates that you have done on your home. Before hiring an appraiser you should ensure that they have a license. It is also important to consider the knowledge and experience that the professionals have.
Another invaluable resource is the Multiple Listing Service. The only disadvantage about this service is that it is not easily accessible. MLS is meant to be accessed by people who are licensed as real estate agents. The easiest way to get to information on this service is to use someone who is licensed to access it.
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.
When you are visiting the houses that are on sale, you should consider those that are similar to yours both in design and size. If you need to evaluate more houses you can go for open houses in the next neighborhood. By visiting other homes that resemble yours you should be able to understand the choices and options that buyers have.
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.
It is also advisable to use the internet to carry out research. There is too much information about property sales online. Some websites provide you with the estimated worth of a home if you provide the address of the property. The value is calculated by looking at the homes that have been bought recently and those that are on sale currently.
You also have the option of hiring an appraiser. Appraisers who are certified are well trained to estimate property values. Professional real estate appraisers document the market value of your home fairly. An expert will also consider the improvements and updates that you have done on your home. Before hiring an appraiser you should ensure that they have a license. It is also important to consider the knowledge and experience that the professionals have.
Another invaluable resource is the Multiple Listing Service. The only disadvantage about this service is that it is not easily accessible. MLS is meant to be accessed by people who are licensed as real estate agents. The easiest way to get to information on this service is to use someone who is licensed to access it.
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.
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