Where to find comps?

[FUTUREREILEGEND]

Simple question, where does one look to find comps?

[TMCG]

Zillow.com - easy to use and it's pretty good -

i just did market analysis of all the people i know in my area and it was spot on.

[mtnwizard]

http://realestate.yahoo.com/re/homevalues/

http://homeradar.com

Da Wiz

[dysiu]

Thanks mtnwizzard, that yahoo link is priceless. This is the type of information I needed. Now I can take the actual addresses and sale prices and walk around the neighboorhood look at the properties. Awsome.

[dysiu]

I like to browse my county's property value administration database. After some time you know it your local PVA tends to under or overprice and it can be a great source of information but only for counties that provided online access to this info.

Similarly you can browse fiscal court database by address and look up the actual contracts with all the details.

The only drawback is that you have to go to the neighboorhood first and find similar properties and write down the addresses. For that reason I got a little laptop with wireless internet service so I can do it on the spot.

I'm sure there is a number of commercial services that feed you more and better organized information but they have access to thae same sources (public data).

[Thoward]

www.homeradar.com

www.domania.com

www.realestate.yahoo.com/re/homevalues

firstamres.com

electronic appraiser.com

www.bankofamerica.com

I can't speak on the accuracy of any of the above but they're a start at least. Good luck!

[sjariffu]

The best way to find comps is to associate yourself with a local realtor. Use their service for buying or selling and they are more than willing to help provide comps.

Other than that, use the County appraisal district, most are going online. Although a lot of times market value and appraisal district value are way different. The last thing is go to county courts and check sales recordings. This takes way too long.

I don't know how accurate all the other sites mentioned are. The best way is still to built a business relationship with a realtor and have them do the comps. That's how I started before I was licensed.

[TMCG]

my gut tells me that market value is higher than appraisal district value/tax assessed value - correct?

[kdhastedt]

Tax appraisal value means diddley-squat...!

Think about it...how often have you seen the city/county/parish appraisers out doing appraisals?   These are often several years old and they just adjust the millage rate to collect the amount of tax needed to run the government.

In the parish that I live in, the tax appraisal is about 30-40% below reality.

DO NOT USE TAX APPRAISALS FOR ANYTHING "COMP" RELATED!!!

Keith

[TMCG]

so if the tax appraised value of a foreclosed home was 93,000 (mobile home with 2+ acres) in 2004 - this is below market?  

[mtnwizard]

TMCG,

Keith is right.  I had a property in California that had a tax assessment value of $190K, that I sold for $410K.

Da Wiz

[kdhastedt]

<<so if the tax appraised value of a foreclosed home was 93,000 (mobile home with 2+ acres) in 2004 - this is below market?>>

Maybe/Maybe not (how's that for evasive??)...tax appraisals don't do a good job of reflecting realistic value.  Their purpose is not to be accurate to the penny, their job is to raise the requisite taxes in the jurisdiction without a lot of taxpayer rebuttal (which costs the tax district time and money)...

You cannot accurately determine the value of property with the tax appraisal...that's not what they're really for.  In a lot of cases when they first do them, they are high.  These appraisals usually stand for several years until the next appraisal cycle...really high ones can cause a lot of formal rebuttals by taxpayers.  But those that are high and never rebutted are "cash cows" for the tax district.  A lot of taxpayers get their tax bill in the mail, shrug their shoulders, and pay it.

My dad got a new tax appraisal in Virginia...it was outrageous -- like 50-60% over value.  Pop is an old, crusty New Englander of German ancestry...he went to the tax office to complain.  While he was in the waiting room, he happened to read some of the tax literature laying around.  When it was his turn, he asked the clerk about the tax break for elderly WWII vets...he wound up dropping his appariasal value AND getting a rebate on his taxes.  I think he only pays a couple of hundred a year now!  Said he was glad he went.

Keith

[TMCG]

so right now, i'm faced with having to go to work to make 168 dollars for the day, or stay home for the next three days and do this deal!

this is where a partner would come in handy!!

tick tock tick tock

[dysiu]

Keith, I would never recommend using tax appraisals as your main tool but I think they mean a little more than diddley-squat...

You wrote "In the parish that I live in, the tax appraisal is about 30-40% below reality". Based on your statement if you find a property selling 20% below its tax appraisal value it is 50-60% below its market value unless your statement is false.

In my county they reappraise properties every 4 years and tend to overprice by some 10-20%. They also do a good job going through recorded deeds in fiscal court and updating the records. I realize that may not be the case elsewhere.

[kdhastedt]

<<Keith, I would never recommend using tax appraisals as your main tool but I think they mean a little more than diddley-squat...>>

Not anywhere I've ever lived...they have always been outta-whack with reality..."diddley-squat" is accurate -- ESPECIALLY here.

Keith