Figuring out ARV without realtor?

16 Replies

Hows it going folks?

So the title says the question. im aware of the process to get the ARV but am I able to get the figures of homes sold in my zipcode without the assistance of a realtor?

You may try to get an "idea" of what prices are by using a free website (zillow, trulia etc.) but you will never truly get the full picture without accessing the MLS through an agent.

Things like seller concessions, pending properties and sale terms aren't always listed on free website. Make friends with an agent as soon as you can!

Thanks Andrew I have done a few practice ARV's through Zillow. Im currently looking for a good realtor that wouldn't mind talking to a beginner and also actually has the time too.

@Ben Frink ..Remember all realtors are not created equal...Interview 3 to find one who will be the best fit...Good luck!

Don't get caught short; and build a relationship with a realtor especially when you are just starting out. It takes time before you really know your area well to try to estimate numbers on your own or trust zillow etc.

I recommend that you don't "interview" agents. Just talk to them and see if there is a natural fit. I have experienced this a few times from the broker side.

When interviewed by a new investor conversations have never gone well

Interviewers have ALWAYS failed to be honest about their skill level/ability and have NEVER defined their tactic or goal. I will not waste time with people like this.

If someone came to me to talk about real estate, told me what they want to realistically achieve and have a plan to get there - I would help that person with all my ability.

Know what you want and then just speak with agents to discover commonality. This is key to establishing a successful relationship.

Otherwise, interview and hire an agent with a fee for service agreement.

You don't need a Realtor. You can easily pull comps with the county appraiser website. I wouldn't even consider pending sales on the MLS as these things fall through all the time. Just look up the county in which the property is located and google "[Property's County Location] Appraiser" and you're good to go my friend.

I recommend that you don't "interview" agents. Just talk to them and see if there is a natural fit. I have experienced this a few times from the broker side.

When interviewed by a new investor conversations have never gone well

Interviewers have ALWAYS failed to be honest about their skill level/ability and have NEVER defined their tactic or goal. I will not waste time with people like this.

If someone came to me to talk about real estate, told me what they want to realistically achieve and have a plan to get there - I would help that person with all my ability.

Know what you want and then just speak with agents to discover commonality. This is key to establishing a successful relationship.

Otherwise, interview and hire an agent with a fee for service agreement.

@Samuel Pichardo is correct unless you are searching in a non-disclosure area. All deed transfers in Texas are recorded as $10.00 and other consideration instead of the actual amount. Therefore an agent is necessary for true numbers.

In the Houston, TX area the area real estate association, via their HAR.com site, provides a price range for sold properties. Redfin.com provides a specific price including a sale date and MLS #. The Redfin specific numbers seem to always be within the realtor association website range.

Looks like Redfin includes properties in RI. Here's a random example I picked.

http://www.redfin.com/RI/Chepachet/31-Cooper-Rd-02814/home/51861906

Don't know if this helps.

@Samuel Pichardo I think the looking at pending sales might not be the best for comping but are REALLY good to get a sense of the market. They also give you an idea of where the market may be heading by the time you are ready to list your property after it has been acquired. If there are no pending sales but a lot of actives, do you really want to be investing in that market?

It's also important to look at actives because if there is a market with a million actives then you're going to have a lot of competition and the market may be very saturated. However, if there are very few actives and many settled properties with low DOM it's probably a very prosperous market.

I agree @Jarrod Weaver that it is very important to be upfront with everyone you meet in real estate. If you're a newbie that know nothing and claims to have "a huge network of cash buyers" everyone will see right through that...

@Samuel Pichardo

The county assessor can give you some information, but is by no means close to accurate. The assessor valuation of an house maybe 3-4 x's higher than the actual value (depending on the economics of the area) and recent sales prices may be way off if located in an area with a high number foreclosures recently sold especially when you do not what condition they were in. My current home was bought for under $10k, assess value is over $40K (the purchase is recent enough that I have not been able to file an appeal yet), and the appraisal price (after $10K in repairs were made) is $35K.

realtor.com will allow you to search for recent sales. You won't get to see seller concession if there was any.

@Andrew Malik

is correct about Available and Pending listings. They are worthless as comps but are highly valuable for market research and information.

Originally posted by @Ben Frink :

Hows it going folks?

So the title says the question. im aware of the process to get the ARV but am I able to get the figures of homes sold in my zipcode without the assistance of a realtor?

 Ben

Tricky business as you well know by now. I look for sales based on recent sales comps that have been financed by lending institutions (not cash sales). Besides cash being discounted and no proof of payments actually being made, financed sales were appraised but appraisals aren't public information as far as I can tell.

I also noticed RE agents and free sites. Ttulia, Zillow etc to be pretty (25%) generous.

Originally posted by @Ben Frink :

Hows it going folks?

So the title says the question. im aware of the process to get the ARV but am I able to get the figures of homes sold in my zipcode without the assistance of a realtor?

 Hello!  Yes, you can get a contractor to help you or find somebody else to help you without any charge.   You will probably need a good and experienced general contractor anyway.  Jus be careful. I am 59 years old and I will help you.  I have been in the construction business since I was 17.  If you think I can help you please contact me at any time.  I do not work right now so you can contact me at any time.  Good luck!

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