so I received a call today regarding an off market property, owner is requesting 55K...an issue I am having is no access to MLS, so I researched how to get comps without MLS access...according to Zillow and Realtors.com property is currently valued at a little over 60K. However when I try to do the comps (and maybe I'm doing it wrong) I add 4 properties most recent sold with around the same criteria as the property...multiply by 4, and my answer is coming up less than the value of the property.
So Am I doing it wrong? Can someone help me, please.
Thank you in advance :)
Hello, try the ARV calculator at reikit.com. It may help.
Zillow and realtor.com use an automated formula to calculate the value that can be significantly off. Those are good places to start but you should always look for sales that are comparable in type, size, condition, and amenities.
It sounds to me like the off market deal is not that good. Don't trust someone else's data and analyze as much as possible to improve your confidence.