REAL ESTATE CMA WEBSITES

[Henry M.]

Here are just a few sites for all parties involved in this real estate biz... I know this is a common question so here is some info that may help below:

There are primarily four ways to get information on comparable sales (comps) when trying to determine the value of a target property.

1. Doing Your Own Research
2. Internet Searches
3. Service Companies
4. Access to MLS

DOING YOUR OWN RESEARCH

Within this category, there are four subcategories.

1. Courthouse Searches
2. Newspaper Listings
3. Tax Appraisal Districts
4. Master the Neighborhood

Courthouse Searches:

If you live in a state that is discloses property sales information, you will have a much easier time than those of us who live in a non-disclosure state, like Texas. My understanding for disclosure states is that information on sales can be found at the courthouse if you're willing to spend the necessary time (may be on internet). From that information you could devise your own methodology for determining comps. Certainly, it would be beneficial to know the history of a target property which you can look up while you're there, but may probably not be worth your efforts if the only goal is to get comparable market analysis (CMA).

Newspaper Listings:

In some states the sales information is listed in the local newspapers so you could get a feel that way or create your own database and update it periodically. Again, I think this is a slow way to get things done, but it may prove useful to you in some circumstances. Many years ago I used a local paper called The Daily Commercial Recorder -

• http://www.primetimenewspapers.com/dcr/

Tax Appraisal Districts:

In my area, the tax assessed values provided by the tax appraisal districts are frequently useless unless you understand your area. Taxes in my area are generally 20% below market value. However in a few neighboring cities this rule may not apply. You'll have to get a feel for this in your area as you may find that the assessed values are close in many neighborhoods. Keep in mind, some tax appraisal districts are on the internet and can add value in its history in general.

Master the Neighborhood:

Probably the most accurate way is to spend the necessary time to master your farm areas. By this I mean learning the values for certain neighborhoods that you target. You can speak with Realtors, attend open houses, view as many floor plans as possible, etc. until you can drive by a house and know within a reasonable range what the property will be worth in good condition. This information comes in extremely handy when talking to sellers on the phone. If a seller calls you and tells you the house is in ABC subdivision, it's a three bedroom, two bath, two car garage house and it's 1,500 square feet, it's nice to immediately know the market value in your head.

INTERNET SEARCHES:

I know some investors use online searches to determine value. I tried this when I first started and found the information to be outdated and not even close to what I consider a comp. For example, at the time the Austin, Texas market was appreciating almost one percent per month. Retrieving sales numbers that were almost a year old and five miles away from my target property was useless. If you're in a disclosure state, this methodology may prove more helpful. I haven't used all of these sites, but here's an initial list you could view, although keep in mind that some of these may be regional-specific nor in any specific order...

• http://www.propertyshark.com/mason/
• http://www.zillow.com/
• http://www.realquest.com
• http://www.homesmartreports.com/ReportOrder.aspx
• http://ww1.realtor.com/
• http://www.sitexdata.com/Home/index.aspx
• http://www.eppraisal.com/
• http://www.listingbook.com/home/
• http://www.realestateabc.com/
• http://www.myagent1st.com/
• http://www.redfin.com/home
• http://hotpads.com/
• https://www.titleprofile.com/
• http://www.loopnet.com/
• http://homes.yahoo.com/
• http://www.dataquick.com/
• http://franklymls.com/
• http://www.fidelitypassport.com/
• http://www.chandlerreports.com/Site/Default.asp
• http://www.homeseekers.com/
• http://www.realtytrac.com/home/
• http://www.altosresearch.com/
• http://www.parcelquest.com/
• http://www.housevalues.com
• http://www.costar.com/
• http://www.homegain.com/homevalues?entryid=4936
• http://www.compsonthehouse.com/
• http://www.homevaluecomp.com/
• http://www.coloradocomps.com/products.aspx
• http://www.ushomevalue.com/
• http://www.trulia.com
• http://www.reply.com/
• http://www.rentometer.com/
• http://t.co/vDb0ACVo
• http://t.co/AlAXxcWq

I hope some of these may help as all are not free nor all are for just CMAs - please enjoy - add any that I may have overlooked - Most importantly please share and pass it on.

Your Real Estate Peer,

BIG HENRY