comps<\/u><\/a>.\u00a0<\/b><\/p>These are homes that are similar in size or shape in the same neighborhood as the property that you are planning to purchase.\u00a0<\/b><\/p>
Usually, comps that were sold in the last 90 to 120 days are enough for you to compare and understand the performance of the housing market in the area without going too far back in time.\u00a0<\/b><\/p>
To find suitable comps, you can search on online portals such as HAR or Zillow, or you can get them from the local tax assessor\u2019s office.<\/b><\/p>
To get the estimate of your property\u2019s current estimated value, take the average sales price of the comps that you found from the sources.\u00a0<\/b><\/p>
For example, if you find five properties that were sold for $240,000, $250,000, $235,000, $260,000, and $265,000, the average price is $250,000.<\/b><\/p>
If you want to get a more accurate property value, you can calculate the average price per square foot of the comps and apply that metric to your property.\u00a0<\/b><\/p>
For example, let’s say the area of all your comps added together is about 6,000 square feet, the price of all these comps is $1.25 million.<\/b><\/p>
\u00a0$1.25 million\/6,000 square feet = $208.33 per square foot<\/b><\/p>
\u00a0If your property in question is 1,200 square feet, you can estimate your property’s current value at $249,996.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t