Best way for figure Comps?

Question

I hear there are a few web sites to calculate comps? Please post for us noobs. Im taking my next step as a bird dog in hopes this company given me a break to Mentor.

Judy Ryon · Answer

Hi KPowell,

BiggerPockets has a link to some online valuation Sites:
http://www.biggerpockets.com/house-value-comps.html

Zillow has a page (very hard to find) that gives their accuracy rating by state and there are some states that do not require the public disclosure of the sale price (Texas is one) so the values are just estimates.  Since i know the ACTUAL price of the 50+ wholesales I did there last year, I compare to what gets published on these services.  I have found TX to be all over the map in terms of price from the online valuations, mostly 15-20% higher than actual sales price.  But knowing that I will estimate the value of a property that much lower, I look at the assessed value on the county website, then I call an appraiser from my "team", tell him what I think it's worth and get a quick valuation from him, (for FREE) because he CAN pull MLS comps, and I can't.

It's a great exchange, he helps me, and I refer any possible appraisal business to him.

Nate H. · Answer

Personally, I think Zillow has inflated values.  It definitely depends on your market though but in my area they are generally inflated with a few pockets of comps that are about right.... so it depends :)

Your county doesn't have a real estate tax website?

N/A N/A · Answer

Zilliow a good one? Anymore?  :cry:

Nate H. · Answer

Well, since you can't get on the mls the single best resource would be you county's tax website or records located at the courthouse.  In my county, Wake County, North Carolina, everything is online so you can see what a person paid for the house and what others in the area are selling for.  Here it is just as an example:

http://msweb01.co.wake.nc.us/realestate/search.asp

You can find it by googling "wake county tax" or "wake county real estate"

Good Luck!