Real Estate Investing Tip: How to Choose the Right Comps

[RLJ93727]

Excellent real estate investment advice #UN#

[cgabhart]

I also look at pendings to see how long they were on the market before they got an offer. If they were put in escrow right away I can maybe guess it was close to asking price but I always call the pending agents and try to find out how close to ask it was. This to me is better than sold in many ways because a sold that is 6 months old and put in escrow 60 day prior really tells me what buyers were willing to pay 8 months ago. Pending tell me a more recent snapshot just don't rely on pending.

[cgabhart]

The more market activity the shorter period and closer vicinity. If there are not enough comps you need to open up the area and time frame.

[JerseyNumber19]

thank you. always a great refresher. you must go with times of the market too..like 12 month comps maximum. 6 months is what most like to use. however in a down turn market 90 days is truly best.