Re: comparative market analysis - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on September 12, 2003 at 10:32:52:
Different areas have different resources. Not telling your location makes it harder to give you advice.
Look at DataQuick and First American Real Estate Solutions, both with web presence and toll-free lines.
Check your assessor’s office for what they have and for local or regional companies that may be buying their data and reselling it to the pulic.
But you should not be relying on comps anyway, in my opinion. You should already know the values in the neighborhoods in which you invest. You look at comps just to narrow down you estimate of market value.
Pick a few neighborhoods in which to invest and get out and see all the properties listed for sale that you can. Hit those open houses on a regular basis. Follow up to see for what they sold. This is Bill Green’s “100 house rule,” discussed in the book “Think Like a Tycoon.” Once you have seen a few dozen properties in an area you will know the market values. Different neighborhoods? It takes fewer looks to learn the second, the third and so on as you bulld from your knowledge of the first and other ones you already know.
Good InvestingRon Starr*