Getting comps on real estate

9 Replies

How can I get comps (CMA - comparative market analysis) on a property without a realtor? Ideas??

You might try this free site.

http://www.homeradar.com/

It gives comps for most areas, there are some areas it doesnt cover, but it is really good site.

Mark

That's a cool site! Thanks for the info. :groovy:

Hey Thanks! Looks like a good resource.

There really is no better way to get the REAL comps than through the MLS. Not these "Homeseekers," "Realtor.com," etc. These things are not updated like the MLS up to the minute. It doesn't have the statistical data you are seeking: What people paid for the house last sale, what prices are going for per sq. ft., etc.

2 choices: Find another agent that isn't the idiot you dislike, or you wouldn't care it's with an agent.

or:

Get licensed, hang your license somewhere, and get access to the MLS yourself.

Unfortunately, the real estate laws are what they are in each state. The MLS is how 98% of ALL real estate is sold. You can try FSBO.com, etc., but there is only a limited amount of homes sold like this, and these folks only wanted to sell their homes themselves because they were cheap and didn't want to pay the real estate commission----which they could have negotiated it down, if the "6%" was too high. In my area of Southern CA, realtors only get 3% of the price, as the competitive nature of the business has driven down the commission structure.

Jeff - not sure I'd call all those people Cheap who tried to go FSBO. I know plenty of investors who do all their own deals. Wouldn't you try to save yourself 6% the price of a house if you could?

Not all cheap - many are actually just being smart.

you are calling them cheap because they do not want to give you $40,000 commission for selling their house??? You negotiate when you sell your car - why should you not negotiate when you sell your house? sounds more like you are greedy.

Does your county have an online property appraiser website? If so you can usually find closed sales by searching in the same subdivision or Section /Township/Range. Remember that when selling a house an appraiser is going to have to use hard sales not listings and pendings.

An alternative to getting a Real Estate agent to do a CMA is to have an appraiser do it. I find that Real Estate Agents are more likely to over price your property anyways. Real Estate Appraisers are always a little more conservative and usually know the area market trends better than a Real Estate Agent.

I'm sorry it doesn't really help, but there's comp site with bank of america. It's actually really good! I used it when I was a loan officer as well as some other things you have to pay for, and it helped me structure all my loans correctly and conservatively so we were in a better position after the appraisal. Good Luck!

The best way to get comps is to compare properties through your local MLS. I know everyone wants to get the best deal possible. Most Realtors won't waste their time working for you if they won't get paid. Just like you would not flip or rehab a house for free, however I have investor friends that send me referrals when ever they can. Any time they need a comp they get it.

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