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Real Estate Comps: How To Find Them

POSTED BY offshore

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2023-09-26

Understanding the valuation of properties is critical in the real estate industry. One reliable method to achieve accurate valuation is using real estate comparables, commonly known as “comps.” This guide aims to elaborate on various approaches to effectively find similar properties for real estate valuation.

Consult Public Records for Initial Insights

Public records serve as a fundamental resource for obtaining historical sales data of properties. Although this information may be considered basic, it serves as an indispensable foundation for the valuation process.

Utilize Online Real Estate Platforms

Online platforms such as Zillow and Redfin offer readily available information on property sales, including current market trends. These platforms provide valuable data that can help you understand the going rates for properties like your own.

Leverage Expert Opinions

For a more comprehensive and detailed assessment, consider utilizing Broker Price Opinion Services. These services specialize in providing in-depth property valuation by using a blend of comps and other market indicators. This professional perspective ensures a balanced and well-informed valuation, making it an invaluable resource for real estate investors and agents alike.

Attend Open Houses for Real-Time Market Assessment

Open houses present an opportunity for tactile, on-site evaluation. Observing properties in real-time offers the chance to assess nuances that might not be apparent through online listings or public records. The gathered insights can be directly applied to your property’s valuation.

Compare Similar Properties for Precise Valuation

It’s essential to compare properties that are similar in size, condition, and location to achieve the most accurate valuation. Employing a selective criterion ensures that the data used is relevant, thereby leading to a more precise and trustworthy valuation.

In summary, obtaining reliable real estate comps is an attainable goal when using a multifaceted approach. The availability of public records, the convenience of online platforms, the expertise offered by Broker Price Opinion Services, and the firsthand experience gained from open houses all contribute to a more rounded and accurate property valuation.

Image by jcomp on Freepik

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