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General inflation measures the price of goods and services bought by UK households.Typically, this means things like food and clothes. There are several ways to measure general inflation in the UK. It's published by the Office for National Statistics every month. We track how the price of property coming to market changes every month in our House Price Index. It's the largest and most up-to-date view of what's happening to property prices.
Many real estate agents and brokers have software they use to generate comprehensive CMA reports. If you’re creating your own report, it would be best to use a spreadsheet to keep track of your research. Recent data is the most useful, so start with one month to see what pops up, then widen your time frame to transactions completed in the past three or six months. In a busy seller’s market, you can even look to see comps in your area within the past week.
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In some states, you can check with your country recorder's office or website. There are a variety of research tools you can use, but not all of them are 100% up-to-date or accurate. Find out what research methods are available to you to get the most accurate information on the sales history of a house.
Keep in mind that some states have non-disclosure laws that prohibit government offices from sharing real estate information with the public. If you’ve tried real estate websites and your County Recorder’s website and still can’t find the price that a house sold for, you need to contact a local realtor who can access the price for you. After you have run an initial comps search you have to carefully select what home sales you want to include in your valuation. Not all returned home sales are arms-length-transactions, that is property sales conducted between two independent and unrelated parties. You would not want to include, when estimating your property value, sales between family members, non-profit organizations or any other sale that is performed at a below-market price. This types of sales will bring the estimated value of your home down.
How do I find real estate comps?
This will give you a more accurate picture of your home’s value — more accurate than any of the home value websites. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. For example, find homes that have similar square footage and number/type of rooms. Homes near freeways or busy industrial areas are going to be valued less while homes on a corner lot will probably be valued more. Remember that estimates and historical data on free real estate sites are often incorrect or dated so the values you come up with may be off. For more accurate information, check for a property abstract at your County Recorder’s office and ask to review the chain of title.
But if the property is in a non-disclosure state you may be completely out of luck. In many non-disclosure states, even local tax and appraisals officials, and popular realtor sites like Zillow, have to get their information from local realtors. The content on this site is not intended to provide legal, financial or real estate advice. It is for information purposes only, and any links provided are for the user's convenience. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction.
How to find out how much a house sold for in your neighborhood?
Try comparing your home to recently sold properties in the area to better understand its current value or estimate a possible sale price for your home. Your real estate agent will provide a more robust CMA for you after evaluating the home and taking into account any special features, its location and local market conditions. It’s best to check as many real estate websites as you can so you can compare results. It’s normal for multiple sites to have conflicting information. If you find different sales prices for the same house, you’ll want to confirm the results with a local realtor. First-time homebuyer, finding comparable sales of homes in your area is much easier than it was even ten years ago.
Making home improvements can also increase the value of your house. Updating your home’s exterior, including the roof, siding, doors or deck often increase the true value of your home, which is what buyers are willing to pay for the property. Depending on the extent of the change, addition or renovation, and the ability of Zillow to identify it, some changes may be reflected in the Zestimate while others may not.
A home’s value typically increases when there are more bedrooms and bathrooms. This translates into a higher sales price and considering higher comps. Whether you're interested in what's going on locally, or you’re planning to buy or sell a home, we've got the information to help.
Back then, it wasn’t easy to find publicly available data online – you needed the help of an inside connection like a real estate agent or home appraiser to pull comparable sales off of the MLS . Today there’s much more information available to the public, and you can now access comps with an online search. Let’s explore how to find real estate comps for your area. On top of that, a real estate agent has expertise in the local market.
This data should not be used as a substitute for independent professional advice. Property24 does not make any representations about the accuracy of the data displayed and cannot be held liable for any losses suffered as a result of relying on the data. In certain areas, you can pull out recently sold homes by directly drawing an area on a map, which gives you the freedom to include or exclude recently sold homes on a given street or block. In addition to looking at the pictures, you should always read the listing description. For example, a recently sold home could have a new roof that would make its value higher than yours, and you wouldn’t know just by looking at listing photos.
You can even find out how much your home’s worth right now, with a free, accurate market valuation from a local agent. Consider comparable homes, local prices per square foot, and city development plans when buying a home. Ideally, the homes you use as comparables are in your same area and have been sold within the last six months. This data gives you the most up-to-date market conditions in your city.
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