Real estate comps
A number of real estate investors need to have a constant update on the real estate comps so that they can make their investment in a positive direction. real estate comps mean the comparable sales on real estate. There are mainly four ways in which you can get information about the real estate comps. These include: Self Research, Internet Searches, Service Companies and Access to MLS.
Let us see how you can get real estate comps.
When you opt to go in for self-research for real estate comps then you can do so in four ways. Let us see what are these ways.
- Courthouse Searches: If you are a resident of a state that information on property sales then you can get real estate comps easily. This information can easily be found in the courthouse. However this can take some time but you can get some worthwhile information about the history of the property. But if your goal is only to look for real estate comps then this would not turn out to be a much fruity option.
- Newspaper listings: There are some states that provide real estate comps in the local newspapers. With this you can make your own record and keep on updating it with new information that you come across.
- Tax Appraisal Districts: You can get some real time real estate comps from tax appraisal districts if they have bothered to maintain the log.
- Assessing the neighborhood: With this you would have to do some hard work and go around the different neighborhoods to assess the prices of houses that have seen recent sales. This can be made easy if you go to speak to realtors that offer services in the particular areas. You can then make your own database and know the real estate comps.
Doing Internet search for real estate comps
There are a number of real estate investors that opt for real estate comps by doing Internet search. There is a lot of information on the worldwide web that can easily be accessed. You can get some worthy information by doing a simple search and get a lot of information about the real estate comps in the area that you are looking for.
Taking the help of service companies for real estate comps
There are a number of services that provide real estate comps information. You can get this information in a CD or as software. This information is sent on a regular periodic basis and keeps you updated on the real estate comps information.
However, this service also is governed by the fact whether your state discloses property sales information or not.
You can check out this information from the following websites:
First American Real Estate Solutions: ( www.firstamres.com ),
Netronline: ( www.netronline.com )
Dataquick: ( www.dataquick.com ) or
CD-Data (California only - www.cd-data.com )
Taking the help of MLS
Just having access to the MLS for a realtor would not benefit you. There are some special ways in which you can get real estate comps. These include: taking the help of a professional, get a memberships off an association, gain access to real estate comps through relations or become a realtor yourself.
One of the best ways to get information on real estate comps is to get in touch with someone who has access to it. You can take the help of a real estate appraiser, a realtor or even a title company for that matter. However, for this you would have to pay them or get them a deal that would pay them. If you are opting for this method then you should make sure that you are getting the actual data sheets.
There are some areas that provide provision of associate or affiliate memberships for Board of Realtors for people who are not licensed. You can take up this option and get access to some great information on the real estate comps. This is one place where you gain access to a number of real estate professionals who can provide you with their views of the real estate comps and you can get some worthy information.
Another way is to make good relations with real estate professionals and realtors who have access to MLS. This option needs patience and continuous efforts to build and maintain relations. But on the long run it can prove to be a fruitful option. This proves to be a lot helpful in assessing the real estate comps.
The last option is that you become a realtor. If you can and your interest for the real estate comps is too much then you can opt to take up the realtor-licensing course and go through the exam to become a licensed realtor. Being a realtor would give you added advantages and would you can be constantly in touch with the real estate comps. Moreover, you can also do your own research on the real estate market and have your own views on the real estate comps.
It is advised that you know the market better and keep yourself aware of the ups and downs that are going around to know the exact real estate comps information. Besides it is also important that you also keep an eye on the mortgage market also as it has a direct link with the real estate sales. Getting to know the real estate comps is a lengthy process and can require a lot of patience from your side. However, getting to know the real estate market better would only add to your knowledge and experience and get you a detailed view about the real estate comps. So get going with scanning the MLS and the other required information that can give you details of the real estate comps so that you can make a good investment.
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