ARV

6 Replies

Without the MLS, what would be the quickest and most efficient way to determine the ARV on a property. If you are unable to see what houses have recently sold and for how much, what is another way round this? I have several leads that I would like to determine what they are worth but without a way of viewing recent closed sales I find this to be very difficult. Any help is appriciated.

Quickest way would be to find an agent to help you. You could also pay for services that allow access to MLS. If it services your area then Redfin.com also shows some closed sales so that could work too but not as efficient but better than nothing.

@Andrew Quinn ,

Services like Realtor.com, Zillow and/or Redfin will help you find recent sales in the property's area. From those numbers you can get a feel for what similar properties nearby are selling for and infer a close estimate on what a property in good condition might sell for.

Short of an appraisal or a full CMA (Comparative Market Analysis), that's probably a good starting point.

I agree with @David Dachtera

Usually if you do a good job, when you run your own comps using online services like Zillow, Redfin, etc.. they will come pretty close in comparison with a realtor's comps.

@Andrew Quinn As a general rule use Redfin over Zillow as Redfin is connected to the MLS, so should be able to find good recent comps there, whereas Zillow relies on public information which is often too old. You have Redfin in Raytown so you should be good there. If you are you having issues finding any comps because there's just no sales, at that point I would go to a realtor that's got an office in that neighborhood to get an opinion from them.

Originally posted by @Kuba F. :

@Andrew Quinn As a general rule use Redfin over Zillow as Redfin is connected to the MLS, so should be able to find good recent comps there, whereas Zillow relies on public information which is often too old. You have Redfin in Raytown so you should be good there. If you are you having issues finding any comps because there's just no sales, at that point I would go to a realtor that's got an office in that neighborhood to get an opinion from them.

I've seen Zillow pick up changes to listings of properties for sale in as little as a few hours. 

That's true, brokers also syndicate their active listings to Zillow feeds, but actives should not be used for determining value, only solds.  You can use that info to find the selling agents in that neighborhood, though.

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