I just turned 18 and I'm trying to flip my first house, and I have one problem and that's running comps. I was wondering if anyone knows the cheapest and most effective way to run comps?
Real Estate Agent · Daytona Beach, FL · Member since 2019 · 37 posts · 15 votes
4y
I would look at comps of recently sold property on Zillow and Realtor. Some criteria that are important for a good comp are that they are within 6 months, year built within the decade, within 20% of the living sq ft, same bed/bath, within the same subdivision/1 mile of property, and similarity in large features like a pool or new roof. I would pull some active listings to get a feel for the market trend as well but don't lean on that information with much weight.
Let me know if you need any help or have any questions
Investor · Roswell, GA · Member since 2016 · 73 posts · 38 votes
4y
The easiest and lowest cost way is to use Zillow or realtor.com and look at solds. This will only cost you some time. You want homes that are close to the same location, size, beds, & baths. Pictures help you determine if they are comparable as well.
Real Estate Agent · Boise, ID · Member since 2019 · 192 posts · 184 votes
4y
Hi Mowafak,
Another resource you could use would be networking with an agent in your area. It doesn't cost you anything to build a relationship with a real estate agent who can help you find compatibles in the area. The only time you're going to spend money on a real estate agent is if you are selling your home.
Real Estate Agent · Daytona Beach, FL · Member since 2019 · 37 posts · 15 votes
4y
I would look at comps of recently sold property on Zillow and Realtor. Some criteria that are important for a good comp are that they are within 6 months, year built within the decade, within 20% of the living sq ft, same bed/bath, within the same subdivision/1 mile of property, and similarity in large features like a pool or new roof. I would pull some active listings to get a feel for the market trend as well but don't lean on that information with much weight.
Let me know if you need any help or have any questions
Real Estate Agent · Dallas, TX · Member since 2021 · 27 posts · 19 votes
4y
@Mowafak Fagiri, I agree with Lexey! Local agents have all the data for recently sold properties in the area. Let me know if you need help with anything, happy to lend a hand!
Developer · San Antonio, TX · Member since 2019 · 176 posts · 81 votes
4y
Redfin.com has the BEST UI to run comps. Sold properties + zip code and bang! you have a solid list of comps. In my opinion it is much better than zillow and realtor.com. But since you are going to flip - you should have a realtor. That can be very helpful to you