Tuesday, October 6, 2015

What is COMP in Real Estate?


What is COMP in Real Estate? COMP is short for Comparable. When it comes to COMP your Realtor will pull information from the MRIS on recent sold houses in the area. The usual criteria is to search 3 properties similar in location, size, # of bedrooms and bathrooms and a settlement of date within 6 months.

Luckily for us, their is a number of free online sites that will give you and idea on what the Comp is, though not as accurate as an appraiser, it should at least keep you within the Ballpark.

Credit to BiggerPocket.com 

Free House Value Sites

Zillow.com – Zillow is the biggest player in the online house values game, through a feature called a “Zestimate,” which is an automated estimate based on public records and sales comps. You can also search for “sold” listings to determine your own comps.
Trulia.com – Like Zillow, Trulia allows you to search “sold listings” to gather comps.
Redfin – An online brokerage with online property valuation tool.
Realtor.com – Realtor.com is now allowing you to search for your home’s worth by showing what houses sold for in your area.
Property Shark – Property Shark provides public data on a property, recent sales, sale history, and comparables. No need to provide your contact info, either.

Pay Property Value Sites

Home Smart Reports
Home Smart Reports offers a pay house value engine including property information, nearby sales with map, and a neighborhood summary, as well as a much more advanced report with risk analysis, many more comps, and other statistical charts.
RealQuest.com
The RealQuest service (rated tops by several BP members) provides tons of useful data on a given property. Basics include: Property Detail Report, Comparable Sales, Parcel Map/Assessor Map, Street Map, Neighborhood Information, Legal and Vesting, Automated Valuation (AVM), Transaction History, Custom Searches, and Flood Maps.

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