If you are considering selling a property in New York State, understanding the market value of the homes in your area is essential for a number of reasons:
Ultimately, you get an accurate assessment of your home’s market value, ensuring you make informed decisions. Knowing how to find comparable properties can give you insights into the local real estate market, so let’s show you the key factors involved in finding real estate comps in New York state and how to do it effectively.
Before diving into the process of finding comps, it’s essential to understand the key factors that can influence property values in your area:
Location is considered the most critical factor in real estate. In New York State, factors like school district, neighborhood, proximity to amenities, public transportation, and so much more can significantly impact the value of a property.
Properties in desirable neighborhoods with good schools and easy access to transportation tend to command higher prices, and properties located in areas experiencing gentrification or revitalization may also see an increased demand, which transforms into higher prices.
The characteristics of a property play a significant role in determining its value, with a number of key factors that contribute to a property’s appeal and marketability such as:
Larger properties with a larger number of bedrooms and bathrooms will typically fetch higher prices, but properties with desirable features like granite countertops, hardwood floors, and updated contemporary appliances may command premium prices. Features like solar panels when selling a house have mixed reviews and shouldn’t be given any extra value based on market preferences.
Understanding the current trends in the local real estate market is essential to gauge property values. There are a range of influences on real estate market trends including:
There are so many different factors at play, for example, if there is a high demand for homes in your area but there’s limited inventory, prices may increase because of competition among buyers, and conversely, if there’s an oversupply of homes on the market, this can result in a decrease in price as sellers compete for buyers’ attention.
Analyzing recently sold homes in your area can provide valuable insight into determining the market value. Be sure to look for properties similar to yours in terms of condition, location, and size, that have sold within the last few months.
Factors like price per square foot, recorded sales price, and the number of days on the market can help you get a sense of the current market conditions. It’s important to keep in mind that recent sales data is more reflective of current real estate market trends rather than older sales data, so prioritize analyzing the most up-to-date information you can.
Identifying properties similar to yours is essential for accurate comparisons. Looking for comps in the same neighborhood or area, with similar features and amenities, and sold recently can help you to better estimate your property’s market value.
It’s essential to not just consider the similarities, but also the differences between determining comps because you may have to adjust based on factors like upgrades, condition, and size to ensure accurate comparisons.
Now we’ve covered the key factors, so let’s show you how to best find real estate comps in New York State:
There are a number of excellent resources available, including:
Real estate websites provide access to a vast database of property listings and sales data. These sites allow you to search for recently sold homes in your area, and you can filter results based on various criteria such as location, price range, and property type. Real estate websites help you identify comps because you can look at the following:
All this information can add up to ensure that you identify comps in your area. Bear in mind that while online resources can be a good starting point, they may not always provide the most accurate or indeed up-to-date information. You need to verify the information you find on real estate sites with other sources, for example, public records.
If you are working with real estate agents, they can pull comps directly from the MLS, which is a comprehensive database used by real estate professionals. The MLS contains detailed information about properties listed for sale and recently sold properties, including:
By making the most of an MLS, you can get a more comprehensive understanding of the market so you can find accurate comps.
There are other online resources that can help you find comps in your area, such as local real estate brokerage websites and other popular resources like Homes.com provides valuable information about recent sales and property values.
Bear in mind that while online sites can be useful for research, they may not always have the most up-to-date or comprehensive information, and therefore you should consider cross-referencing information from multiple sources to guarantee accuracy. This is especially true if you are looking up mortgage information online. Data aggregators typically aren’t equipped to correctly report unique mortgage products like reverse mortgages, HELOCs, or ARM loans. Make sure you are getting accurate data from your online source if you are going to use this information to determine the sales price for your home.
It’s essential to note that most comparable sales online are of houses that are in “like new” condition. If your property needs updates or repairs, the comps you find online might not accurately reflect its fair market value. Many online listings feature properties that have been staged or renovated to appeal to buyers, and this can skew perceptions of value.
If your property is in need of repairs or updates, reaching out to a reputable real estate company that specializes in assessing properties in as-is condition can provide you with more accurate valuations based on your property’s current condition and the potential value after renovations.
Real estate agents have a wealth of knowledge, of course, and can provide valuable insights into finding accurate comps. Licensed real estate agents have access to exclusive resources and tools to analyze market trends and property values.
When choosing a reputable agent, look for someone who has experience in your local area and has a track record of providing successful transactions. A good agent will take the time to understand your needs and provide personalized guidance throughout the process so you can benefit from their expertise and access to MLS data to find comps that reflect your property’s value.
Keep in mind that when a real estate agent is providing you with a value of your home, they are going to likely want to list your home for sale which includes commissions, fees, closing costs, and more. This can be a valuable service if a house is in pristine condition. However, if a house has some normal wear and tear or needs a little TLC, a traditional agent can struggle to sell quickly in these circumstances.
The agent can conduct a comparative market analysis to assess the value of the property based on recent sales and market conditions, which involves comparing the property to similar homes that have recently sold in your area, taking into account key factors like location, size, and condition.
By analyzing comps and the market data, a real estate agent can determine a competitive listing price when selling. A CMA is a valuable tool for understanding the current market value of the property and can provide valuable insights for pricing strategies and negotiations.
As a real estate agent can pull comps directly from the MLS, you can get detailed information about recently sold properties in your area. In addition to the information above as to what an MLS can do for you, an MLS comp is considered more reliable than information obtained from public websites as they can come directly from real estate professionals and are kept updated in real time.
Analyzing MLS comps can identify trends, assess market conditions, and determine the most appropriate pricing strategy for the property. By leveraging MLS data, you can make more informed decisions and maximize the value of your real estate investment.
An excellent way to find comps is to find public property records. The county’s public property records contain valuable information about real estate transactions, including sales prices and property details. These records are typically maintained by the County Assessor’s office and are available to the public.
You can access public property records online through the county’s website or visit the county assessor’s office in person. In New York State, most real property records, including deeds and mortgages, are maintained by the County Clerk’s office.
For properties located in New York City’s boroughs Queens, Brooklyn, Bronx, and Manhattan, the Automated City Register Information System (ACRIS) provides a wealth of information. Additionally, title companies have access to comprehensive property records databases, and for a fee, you can get a title report containing the full history of ownership as well as any encumbrances on a property.
Another way to observe features and conditions of comparable properties is through attending open houses and real estate auctions, which ensures that you can observe firsthand comparable properties while also giving you an opportunity to network with others such as real estate professionals, and gather valuable market insights.
When doing this, it’s essential to take note of asking prices and selling prices as well as any features or amenities that may affect their value.
Off-market homes, also known as pocket listings, are properties that are for sale but not actively advertised on real estate websites or the MLS. These properties can be valuable comps for determining market value, and these types of homes often offer unique opportunities that may be priced differently than properties listed on an open market, ensuring that you have a complete picture of the conditions of the market.
If you require a precise valuation of your property, a professional appraiser can be an invaluable resource. An appraiser considers various factors to determine a fair market price, including:
Bear in mind that hiring an appraisal will incur additional costs; however, if you are looking for an accurate valuation, this can be very useful in pricing strategies, negotiations, and decision-making.
When hiring a professional appraiser, look for someone who is licensed and experienced in your local market as they will have a thorough understanding of local market conditions and factors that influence the property values.
You will need to provide the appraiser with comprehensive information about your property, such as recent improvements or renovations, as well as any relevant comps you have identified. Professional appraisers use standardized methods and techniques to assess property values objectively so you can obtain a reliable valuation that reflects the true market value of the property.
If you are trying to find real estate comps in New York, it’s vital to make informed decisions. There are a number of key factors you need to consider, such as recent sales data, property characteristics, location, and market trends, to help you gain valuable insights into the local real estate market.
If you want to understand your home’s value from an as-is perspective, this is where we can help. Reach out to us as we can help you understand your home’s value from an as-is perspective so you can gain an accurate comp to achieve your selling goals.
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