Resources for purchase price when there are no comps?

[Hannah Krebs]

Hi there!

I'm looking at purchasing a property for a primary residence and I can't seem to find any comps. The house is in a very low turn-around neighborhood, where the most recent sales roughly two years ago. These sales were around 300k, and the asking price of the house is now 425k. There is one house for sale on the same road at 680k, but it's been for sale for quite a while, is larger, newer and doesn't need updating. I think they might be overpriced (the house sat on the market for 7 months before they pulled it). Not looking to get a stellar deal, I just honestly don't know what to offer as a fair price! The appraisal will certainly let me know if I'm way off, but I want to make sure I get a fair deal and they get a fair deal (..for the condition of the home).

Does anyone have any advice on coming up with a fair purchase price when comps can't be found? I've checked the Zestimate, local sales within the county, and looked at all the similar houses in the area to no real avail. If anyone wants to take a stab at pricing it I'll be happy to shoot you the address in a private message. :)

Tyia in advance for advice!

[Jesse L. Weaver]

It sounds like you need a good agent with local market knowledge. If you are struggling, reach out to a professional who does it for a living!