Getting comps in a small town...

[Chaz Reid]

I have a possible property that I should be getting under contract here soon but the problem is getting ANY comps. Nothing has really sold in this area in quite sometime now. I could out my radius but I think that would throw my comps off for the most part. What is the purpose of the tax values? Can I base my offering prices off of those? If not, what in the world can I do here?

Thanks for all your help!

[Chris Winterhalter]

@Chaz Reid

Have you evaluated what's currently for sale on the market? I would take a close look at what is for sale and how long it has been on the market. You obviously want to be below a similar for sale comp however you can evaluate how much by condition, location, etc etc.

I would also take your comps back in your area 2 years to see what you can come up with. Is there currently demand in the area? How long will you have to hold the property before it sells?

Can you talk with a local agent about value? A good agent in a small town will know and understand values better than most.

Good luck!