How to find comps in a sparse area

2 Replies

I am looking to Brrrr a duplex in South Jersey. I've found a property that I like at what seems like a good price. But in order to make a Brrrr work, I want some comps to see what I think I can refinance at later. Otherwise, I'm just guessing when it comes to budgeting. But using realtor.com or trulia doesn't help, because they can't find any comps in the area that recently sold.

Is there another way to search for comps that I can do on my own? Or should I just expand my search our geographically until I find similar properties? I want to use a method that will approximate what a bank's appraiser will use, but I don't know what technique such a person would employ. Any suggestions would be greatly appreciated.

@David Simon I haven't tried using those sites for comps but I use Zillow and put "Recently sold" then play with the filters to get something close to the house I'm looking for. It always works for me. Maybe you won't find something in a few blocks radius but there should be at least a few that sold in the past few months in the area. If not, then I would try getting an average price per sqft and trying to come up with a number for the property you want to brrrr.

Originally posted by @David Simon :

I am looking to Brrrr a duplex in South Jersey. I've found a property that I like at what seems like a good price. But in order to make a Brrrr work, I want some comps to see what I think I can refinance at later. Otherwise, I'm just guessing when it comes to budgeting. But using realtor.com or trulia doesn't help, because they can't find any comps in the area that recently sold.

Is there another way to search for comps that I can do on my own? Or should I just expand my search our geographically until I find similar properties? I want to use a method that will approximate what a bank's appraiser will use, but I don't know what technique such a person would employ. Any suggestions would be greatly appreciated.

 Basically what @Elenis C. said...except that I use Redfin which I find works well for South Jersey.