No comps! What to do?

Question

Im in the process of getting an offer together for a seller whom has not put the property on the market yet. I have walked to property,taken pix, and also had repairs estimate done. The issue i have is the REA attempted to pull comps but there isnt anything in the subdivision sold in the subdivision in 6 months. The REA sent over homes similar that are in the subdivision and the property adjacent to the home. How can i use this info to make a reasonable estimate of what the value should be?  Any input or help would be greatly appreciated.

James Vermillion · Answer

Fred,

How has the local market conditions changed in the last 12 months?  Here are a couple things I would do to get my comps as close as possible:

1) Go back 1 year:  normally I do not look past 6 months, but I have had to go back a year in certain cases and make adjustments based on market changes.

2) Are there similar neighborhoods nearby that you can pull comps from, or at least see how sales have changed recently?

3) Do you know why there are no sales?  Is it because there are no houses on the market (which is a good thing), or because properties are not selling?

Sometimes it is hard to find perfect comps, so you have to combine everything you know and get as close as you can.  The good thing is no one else will be able to find comps either.

Shequann Burrwell · Answer

you can use pending and older up to a year listings within the county.