Getting Comps Flashcards
Take sq feet +- _____%
This number gives you the ability to compare similar homes.
How close should the comps be to the target home?
15%
1/2 to 1 mile. Not across large dividers like highways.
Describe where to go to get Comps.
Can you trust the comps?
Zillow, Trulia, Redfin, REALTOR- these prices are often inflated.
Check Sold prices. If interested in property- get CMA from a realtor.
Describe an easy way to pull up all of the realtor sites.
Pull up Google.com and paste the site address there. You can then right click each of the realtor sites to open in a new tab.
In Zillow you can find other properties That have been sold recently. Describe where you go to find that.
When you get to Zillow you can expand the property box and go to “see sales similar”
How old should similar sales be that you want to evaluate for comparisons?
Three months up to six months.
When sending a list to realtors. Do you want to let them know you’ve done your homework. What do you tell them?
You give them the values that you’ve determined on the realtor sites and ask if they concur with your estimations.
Some realtors are listing realtors and they will be overly optimistic
When comparing homes. What do you need to remember about beds and baths?
A 2 bed 1 bath does not compare well with a 3 Bed 2 bath. There are different buyers for those homes. You can always go up in beds and baths but try not to go down when comparing.
Exception: >2000 sq ft. 3-4 bath is similar.
Do not compare town homes to regular homes
Just don’t do it.
When looking at price per sq foot, there is something you must consider
Law of diminishing returns.
Price/sq feet can be deceiving. Larger homes, don’t necessarily compare to smaller homes. Similar sized homes would compare better.
If you see one of the comparable homes for sale what should you do?
Call realtor for info on neighborhood, price point, etc. let him know you want realistic numbers. CMA type numbers.
Even if you do your best comparable analysis what still might be a problem?
Perhaps cells have either increased or decreased. A realtor to tell you that.
