- 1 How do I find comps for my house?
- 2 How do I get comps sold?
- 3 What qualifies as a comp for real estate?
- 4 How far back should comps go?
- 5 How far away can Comps be?
- 6 How are comps calculated?
- 7 How accurate is Zillow Zestimate?
- 8 What comps do appraisers use?
- 9 How can I get free comps for a house?
- 10 What happens when an appraiser Cannot find comps?
- 11 How do I start my own real estate comps?
How do I find comps for my house?
There are several additional resources for finding comps:
- Public property records: If you want to find the sale price of a specific comparable, the county usually keeps those records.
- Zillow: Search on Zillow using the Recently Sold filter.
- Zillow pricing tool: Try this pricing tool to find comps in your area.
How do I get comps sold?
Here’s how to find real estate comps on your own.
- Search recently sold listings. You can easily pull up pricing data on recently sold homes on realtor.com.
- Search general home value data. Another great realtor.com tool for seeking out comp data is the “Home Value” tab.
- Request public records from your county.
What qualifies as a comp for real estate?
“ Comps,” or comparable sales, is a term anyone on either side of a real estate transaction should know well. It refers to homes located in the same area and very similar in size, condition and features as the home you are trying to buy or sell.
How far back should comps go?
When an appraiser is looking for comparable properties to determine a price, they are supposed to only look at sales within the last 90 days. Now, if there aren’t enough sales a lender might go back six to 12 months. But the ideal is 90 days.
How far away can Comps be?
Comps should ideally be within one mile of the subject property, and not over any major barriers like a freeway, a river or railroad tracks. Comps need to be in the same city as the subject property in most cases, even if a comp in another city is less than a block from the subject property.
How are comps calculated?
To calculate comp sales, the investor does not include sales from new stores. The new calculation is $1 million, minus $2 million, divided by $2 million, or -50%. When comp store sales are up, the company’s sales are increasing at its current stores.
How accurate is Zillow Zestimate?
According to Zillow, most Zestimates are “within 10 percent of the selling price of the home.”4 But Zestimates are only as accurate as the data behind them, so if the number of bedrooms or bathrooms in a home, its square footage, or its lot size are inaccurate on Zillow, the Zestimate will be off.
What comps do appraisers use?
Comps should ideally be within 20% of the size of the subject property (unless no other comps are available). For example, appraisers usually cannot use a 1,300 sf comp for a 1,000 sf subject property. Likewise, appraisers cannot use a 700 sf comp for a 1,000 sf property.
How can I get free comps for a house?
Free House Value Sites Trulia.com – Like Zillow, Trulia allows you to search “sold listings” to gather comps. Redfin – An online brokerage with online property valuation tool. Realtor.com – Realtor.com is now allowing you to search for your home’s worth by showing what houses sold for in your area.
What happens when an appraiser Cannot find comps?
If the appraiser isn’t able to find a single comparable property, you’ll likely struggle to move forward with a mortgage on that site. Some lenders may be able to proceed on a case-by-case basis with a single comparable. Having at least two good comps should help you breathe a bit easier.
How do I start my own real estate comps?
How to assemble the best comps
- Search recently sold listings. Start by searching real – estate listing sites, such as Zillow and Redfin, for the handful of recently sold listings that are most like your home.
- Apply these standards. The sold listings that are best for comps are:
- Visit your comps.
- Calculate your home’s value.