BY GEORGINA MIHAILA
Whether you’re thinking about buying or selling, putting a $ figure next to a home might seem like quite a task. But making sure that a home is priced accordingly is crucial, so here’s a little help on how to do it properly.
A home’s value is determined by looking at sale prices of similar properties in the area. Since you can’t go asking neighbors how much they bought their house for, turning to reliable online resources that have access to solid sales data is the obvious choice.
Enter PropertyShark, a leading real estate data provider that takes its sales data from hundreds of public and proprietary sources and updates it on a daily basis. PropertyShark offers a superior comparables tool that will do your pricing for you by pulling out prices paid for recently sold homes – similar in size, characteristics and location with the one that interests you – and return the market value of a home.
Unlike the automated valuation models you’d normally find on most real estate websites, PropertyShark’s tool allows you to narrow your search down to the finest details, as to include only the most similar homes in your comps search. You can search by neighborhood, zip code, or radius, by property type or building class, add filters like number of rooms, square footage, number of stories, extension or garage, lot square footage, property taxes and much more.
And since the tool has been conceived to suit the needs of real estate pros and home buyers alike, here are some of its most specific benefits, based on your own needs:
For home buyers and sellers:
• search by property type and building class: single family, condos, co-ops, elevator, walk-ups
• advanced filters: number of beds, baths, square footage, lot size, number of stories etc.
• see the value of a condo by looking only at sales in that particular building
For agents and brokers:
• advanced search criteria options available, like number of units, block and lot, zoning and more
• include only arm’s-length transaction in your comps search
• specify exact time and price ranges for the sales
• access the FNMA form straight from your Comps search
• see aggregate values on the 1004MC form
• export data to your Comps Database with WinTotal
Quick Fact: if you’re interested in a particular area that doesn’t fall under the same neighborhood or zip code, you can draw your own area on a map using PropertyShark’s polygon tool.
Georgiana Mihaila is an associate editor with PropertyShark.