Real Estate Investor · Reisterstown, PA · Member since 2008 · 39 posts · 0 votes
Hi, I see a lot of available properties in baltimore city with high comps (ex. $100K+) listed on here and from other investors, but when I go check the comps, I get comps like $25K and around that, but not as high as the wholesaler's comps. Am I doing something wrong? I know baltimore is doing a lot of redevelopment but I'm just not getting no where near the same numbers when it comes to these (baltimore city) properties.
Someone please help & tell me what I'm doing wrong or am I right, the people are just over chargeing, but thats a lot of properties to overprice, I think I'm just not understanding something.
I've been doing good looking up comps but I dont know whats going on with these numbers. :help:
Thank you for your help, this forum is filled with lots of knowledge. :goofy:
go to zillow.com they have good comps but dont depend on the zestimates they give u on properties. The only thing they have on point is the sold properties pricing.
Zillow is wildly unreliable and useful only as a very basic starting point. If you want comps, know your market. Get out and see every house on the market. If you're going to be serious about becoming a real estate investor and want to target an area, you have to know that area. There is no real substitute. Using a realtor or title rep for comps is an okay way to go, but there is nothing better then seeing aproperty in your market and knowing instantly if it is fairly priced.
go to zillow.com they have good comps but dont depend on the zestimates they give u on properties. The only thing they have on point is the sold properties pricing.
Reliable free comps seems to be problematic. I've tried zillow in my area and the comps are worthless because although I can see prices of properties sold, I don't know their size or anything else about the property.
Maybe some areas are better but about all I can get from zillow for my area is an idea of how active a neighborhood is - which is good info but far from being useful for comps.
I know the MLS in my area has good comp info but I've yet to find any free or paid service that I as an investor can subscribe to for quick and useful comps.
If anyone has any suggestions other than zillow, I'd love to hear them.
I have a very sharp realtor run comps for me. I have found no other source of very accurate comps.
Now I'm not buying with her, but I do sell with her, so everyone gets something out of it.
go to zillow.com they have good comps but dont depend on the zestimates they give u on properties. The only thing they have on point is the sold properties pricing.
Zillow is wildly unreliable and useful only as a very basic starting point. If you want comps, know your market. Get out and see every house on the market. If you're going to be serious about becoming a real estate investor and want to target an area, you have to know that area. There is no real substitute. Using a realtor or title rep for comps is an okay way to go, but there is nothing better then seeing aproperty in your market and knowing instantly if it is fairly priced.
I have some luck combining zillow information on what's sold recently with the county records for size and configuration of the property. Not perfect, but more data than just the price. Then, like Josh says, drive by these properties and have a look.
Check out RealQuest.com. Very good resource for comps without having to go to the MLS. You can open an account and pay piece mail per report pulled without a monthly commitment. Comp reports run about $2.00 per report.
Combine that with Josh's comments about knowing your market and you've got an excellent starting point for comps without having to try to get on the MLS.
Doesn't a report cost 19.95-29.95 (depending on content)?
Originally posted by "JWorley":
Check out RealQuest.com. Very good resource for comps without having to go to the MLS. You can open an account and pay piece mail per report pulled without a monthly commitment. Comp reports run about $2.00 per report.
Combine that with Josh's comments about knowing your market and you've got an excellent starting point for comps without having to try to get on the MLS.
I'm a national review appraiser and I'm familiar with Baltimore. There are alot of row houses in Baltimore and only other row homes can be used as comparable sales. The range of value is very wide on these properties and vary block per block. It's all about condition. You see row homes on the same street that are the same age and size. One sold for 25,000, one sold for 80,000. The lower end is original and needs repair. The high one has a new kitchen and bath and is fully remodeled. Other factors also come into play--commercial properties nearby, major traffic streets, on street or off street parking etc. How you can determine value is by getting the most recent sales as close to the subject as possible. They need to be similar in age and size (+/-200 square feet). You will probably get a range of value. If your subject is in good condition, your property will be near the high end. If not--the low end. Make sure you also check active listings. (free via Realtor.com) With market conditions as they are, active listings pay a major role in getting an accurate value.
No. I pull comp and property detail reports from there all the time and it runs me about $4.00 for both reports. Now they offer some reports such as AVM, doc images, foreclosure history, etc that can get pretty high per report ($10, $12, $14), but the property detail and comp reports are only a couple of bucks a piece.
Originally posted by "EZLoanz":
Doesn't a report cost 19.95-29.95 (depending on content)?
Originally posted by "JWorley":
Check out RealQuest.com. Very good resource for comps without having to go to the MLS. You can open an account and pay piece mail per report pulled without a monthly commitment. Comp reports run about $2.00 per report.
Combine that with Josh's comments about knowing your market and you've got an excellent starting point for comps without having to try to get on the MLS.
No. I pull comp and property detail reports from there all the time and it runs me about $4.00 for both reports. Now they offer some reports such as AVM, doc images, foreclosure history, etc that can get pretty high per report ($10, $12, $14), but the property detail and comp reports are only a couple of bucks a piece.
Originally posted by "EZLoanz":
Doesn't a report cost 19.95-29.95 (depending on content)?
Originally posted by "JWorley":
Check out RealQuest.com. Very good resource for comps without having to go to the MLS. You can open an account and pay piece mail per report pulled without a monthly commitment. Comp reports run about $2.00 per report.
Combine that with Josh's comments about knowing your market and you've got an excellent starting point for comps without having to try to get on the MLS.
I appreciate the clarification...
Originally posted by "JWorley":
No. I pull comp and property detail reports from there all the time and it runs me about $4.00 for both reports. Now they offer some reports such as AVM, doc images, foreclosure history, etc that can get pretty high per report ($10, $12, $14), but the property detail and comp reports are only a couple of bucks a piece.
Originally posted by "EZLoanz":
Doesn't a report cost 19.95-29.95 (depending on content)?
Originally posted by "JWorley":
Check out RealQuest.com. Very good resource for comps without having to go to the MLS. You can open an account and pay piece mail per report pulled without a monthly commitment. Comp reports run about $2.00 per report.
Combine that with Josh's comments about knowing your market and you've got an excellent starting point for comps without having to try to get on the MLS.