What Online Comparable Sales Resources Do You Like?

Question

I am just curious what online resources everyone is using to find RELIABLE comparable sales.

Will you also let me know WHERE you are doing your transactions too: City, state, etc.

Thanks.

I find wholesale opportunities 3000 miles from where I currently live, and am expanding to various parts of the US and am interested in the best, most reliable resources nation wide.

If us non-Realtors had equal access to MLS comps it would really simplify things but, alas... that is not so.

N/A N/A · Answer

Try these for starters:
http://www.realtor.com/        (very inaccurate but most sellers will have seen this)
http://www.eppraisal.com/    (new...has some interesting features)
https://www.homesmartreports.com/    (limit of 3 free reports/day)
http://www.reply.com/    (inconsistent but has great aerial photos of property)
http://www.cyberhomes.com/   (new...some interesting features)
http://www.zillow.com/   (ignore the media buzz…results about average accuracy)
http://www.propertyshark.com/       (not good in my area)
http://www.realquest.com/   (Not a freeby but my favorite)

These will vary 10-20% from one another on the same property. You must apply local conditions and your own good judgment. They're all free except for Realquest(RQ). I always use RQ before I make an offer. The others are too unreliable as stand alones but if you use several of them you will often get a good feel for the value.  I pay 3.50 for RQ to confirm this.

Good luck.

Jim

Joshua Dorkin · Answer

Here's our list . . . many are similar to those mentioned here.  I wanted to thank Jim for keeping us in the loop with the rest of them:
http://www.biggerpockets.com/house-value-comps.html

Cory Baker · Answer

For a quick look before getting too detailed of a comparative analysis I like to:

First: Google the address (Make sure at each point you have the correct address)Second: Check these three (usually through Google) Zillow, Trulia, Eppraisal   (Maybe Realtor.com and or Movoto or Avrify-if they pop up)

Third: Check Redfin Here I get more detailed later.

(BTW,PropertyShark wanted to charge me)--------------------------The End------ (or you can read further)-------------------------------

Eppraisal is usually low. When I see the ZET average is close in number and I like the numbers of the prospective property in comparison or it's asking price; I take a more indepth approach.

Trulia, I've read has been purchased from Zillow but I really appreciate their Crime Temperature map. The greener the better.

Redfin you have to have a free account with and I use their Home Value Tool.

Here I like to try to find 5-10 similar homes that sold within these parameters (and expansions). Redfin has their special blend and that is good for maybe the first one or 2. They also have Date Sold, Highest, Lowest search filters. Experimant whith these and see if they help round out your comps.

I seek: Solds: within last 3 months (up to 4 or 6 if I can't find enough); Similar square footage within 200 sf (or 20%); Same number of Bed and Bath (Yet an outlyer that shows one bedroom more selling at same price of similar 3bed in the area may be a point of negotiation): Same number of floors and similar style (look at the pictures or description).

So, when I have 5-10 properties I go to View Summary. One thing I look for right away is the average now and if any of these houses clearly cross over a major street, or a canal, or railroad tracks and then try to eliminate those. I can use my back button in Redfin and go back twice to where I was first adding and subtracting comps. Then I can remove the suspected non-comparable.

It may happen that you remove the house or 2 located from across a road and in that area it didn't affect the average. Then maybe there's a larger area of similar homes. But, I like to play it safe. Pretty soon, I have a good idea of what properties might sell for in that area.

Next, if I can I may have a Real Estate Agent run some comps and usually they give me a large range and I have to sift a little to get an idea. Sometimes I'm right in the ballpark. Other times they see something like permitted square footage added on that raises the value.

Redfin shows part of MLS and is available in many but not all areas.

I think Zillow has a similar tool. And I like their quick birdseye view of a neighborhood. By the way, the general public will for good or bad, see Zillow first and it is good to know the area so you can talk intelligently. Drive the neighborhood look at from Google Earth or some site.

And a caveat that I learned the hard way: Wholesalers tend to overestimate the after repair value (ARV) and underestimate the repair costs or cost of repair estimate (CRE).

Often the lower ranges are going to be the cash wholesale properties. The higher are the retail value homes.

Hope that helps.

-Cory

PS. I recently had someone tell me I didn't know how to do comps. But when I ran the "lead" by my acuisitions partner...He came up with the same low number I originally had.

I stil need to find out more about construction materials and so, I try to compare similar roofs.

Cory Baker · Answer

I strongly suggest looking at a Youtube video I just found "Finding Buyers using Zillow" It had very key elements in what to do and how to use Zillow in a way I never have quite exactly done. Sorry, Redfin...you are going out in the weeds with your new way and then having a realtor not understand ARV...ugh.

Anyway, I hope that helps. Steph Davis gives a very clear lesson with many nuggets. IMO

-Cory

Cory Baker · Answer

Redfin stopped doing that filtering and Home Value Tool. I noticed that several months back and hoped that was only a temporary glitch or mistake. It was great and gave me very good analysis. I wish Redfin would bring it back...

Allende Hernandez · Answer

@Cory Baker

I can't find that tool in Redfin. I just created a free account and went up and down the site. All I see are the 6 comps it pulls automatically for the property I'm analyzing with no option to get more or have filters around it.

Can you tell me briefly how to get there?

Thank you

N/A N/A · Answer

I am getting ready to locate to houston texas. We use realquest in our florida offices. Who do you use as a data provider in texas

Thank You

Scott Miller · Answer

Great list Jim...

Judy Ryon · Answer

Thanks Jim.

I've heard great things about RQ but found it useless in Texas (a nondisclosure state), great in other areas of the country, where disclosure policies allow the info to deliver more accurate info.

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