Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 12 years ago,
Is this a good way to estimate ARV?
Okay, so I'm trying to figure out the best way to estimate ARV so I can determine my max offer, ect. I'm practicing by trying to value my current home. So I went onto zillow and looked up sales in the last 6 months in my neighborhood with 3+ br 2+ ba 2000+ sf. (My house is 4br 2.5ba 2800 sf).
I took the 14 sales that were within about a 2 mile radius and found the price per square foot and applied it to my home which puts my value at approximately $182,000.
I am unsure about this method because my appraisal came in only at $155,000 a year ago. I don't have access to MLS, which I'm assuming is the best way to determine value.
But, my question is, is this a good starting point for me when comparing potential deals in different neighborhoods for my first flip? Is it significantly more accurate using MLS data because there is more information?
Thanks!