There are limitations to not using a Realtor, but with some effort you can come reasonably close. Before I became a Realtor, I'd refined the process as much as I was able to, and it worked reasonably well. Here's what I did:

As is pointed out below, transactions are a matter of public record (in most areas; as I understand it, Texas, for instance, operates differently). So you can find out what a property sold for, and what neighboring properties sold for. I found two major limitations to online public records. First, they weren't up to date. Especially in a changing market, you'd like to see what's happened in the past month or two. And, technically, comps shouldn't go back more than 180 days. Sometimes the information isn't updated that promptly online. In one county, for instance, I found that a broad search (say of a subdivision) would only bring up records updated through January 1 of the current year. Now, if I inputted a specific address--a property I knew had sold more recently--it would bring up the accurate information (there was about a 1 month time lag). But it was easy to be fooled into thinking there weren't any comps, when there were.

The second limitation to public records is that they don't show seller concessions or subsidies. If someone sells a property for $300,000, but there's a 3% seller subsidy, then the real amount of the sale was $291,000. That's what the seller received from the buyer. However, the tax records will show a $300,000 transaction. Unfortunately, there's no way, other than through the MLS, to identify seller subsidies.

I also used Zillow and RealEstateABC. There are a couple of other similar services out there. Note: I'm a pretty harsh critic of Zillow. The numbers often are so far off that they're almost useless. However, those services can be moderately helpful if you fine-tune the comps they present you. That's especially wh I liked RealEstateABC. If I was looking for comps for a 50 year old 3 bed/2 bath rambler in North Springfield, after the initial list of comps was presented I could sort and search to narrow down the comps to other 50 year old 3 bed/2 bath ramblers within 0.3 miles of the property. That was very helpful, and resulted in some decent numbers. I'd also use Zillow and RealEstateABC to help identify recent sales, then I'd go to the tax records and look at the details.

Now, none of those techniques would tell me much about the condition of the property (except, rarely, the tax records).

However, when I finally came up with a number, after looking at the tax records and fine-tuning the online services, I'd come reasonably close. However, I knew it wasn't as accurate as a Realtor's CMA.

Hope that helps.

No not really. Contact an agent as a CMA is certainly free and gives you an idea of what the true numbers will be. Actually contact 5 agents and have all of them prepare a CMA presentation and see who you like the best. You might just run into a realtor you really like and would like to work with. Just ask and they will produce as they are always looking to work for a client, and best of all its free. You do not have to comit to them at that time, but only give them an idea of not wanting to be bothered but you will give them all a fair shot and contact them back when you need there services. Don't be afraid of agents as they all work hard for there money, some just work a hell of a lot harder. I would truely find an agent with an ABR and EPRO status as they will know the market and better ways of protecting you in a transaction down the road if you do desire to work with them. If you are only probing the question to find the market value of your home to sell, or want to be a unrepresented seller or FSBO, I answer the question the same. CMA reports are absolutely free. Good luck to you Aem!

Yes you can use online tools like Zillow and HouseHunt. Disclaimer is that these tools are not accurate and they will not give you a direct comparison to the subject home. Tax and public records are good too but that can be very time consuming. With just a few keystrokes a realtor can provide you with the most up-to-date information perinent to your specific search. So like it with anything you can try on your own but it is best you get professional advice.

Hi Aem, evaluating the price of a home under consideration is one of the most important roles an agent plays in working with a buyer. My recommendation is to connect with an agent you trust, with local market expertise, and allow them to assist you with this analysis. For the buyers I support, I provide a pricing analysis for any home we are considering. It works with comps, extrapolating the market trend and applying it to arrive at a recommended price range - which flushes out overpricing or great values in a jiffy.

Please do not hesitate to reach out to me if I can be of further assistance. You'll find me here and at my website http://www.feenick.com

Hi Aem,

The MLS is only available to real estate agents who pay for the service, who pay to be licensed, insured, etc. I would agree with Gina that as a buyer you have nothing to lose by having a Realtor represent your best interest and could possibly lose money by going it alone.

Your next best option would be to stop by the local tax office and search through the tax records.

Good luck,
Rosanne Gentile
Broker - Sales Associate
Weichert, Realtors
856 235-1950 x 140
609 680-8490 cell

Aem,

You can try this website: http://www.njactb.org/ but you would have to search records and use exact addresses. If you are looking to buy, you should really be working with an agent anyway. They can give you the most facts about the market area you are in and provide you with detailed sold comps so you would know what a realistic price is and is not. Typically the seller pays both brokers anyhow so it wouldn't cost you anything to have an agent represent you...and I mean your own agent - not the seller's agent (who is the listing agent).

The house that you are looking out - are there other similar homes on the market in that same area? Is the house you are interested in comparable to the others houses and prices?

Again, the best course of action is to get yourself an agent so that you know you have all the knowledge and representation you need to proceed to get the best deal on the best house.

Good luck.

Gina Chirico, Sales Assoc., Realtor
Prudential NJ Properties
973-239-7700 ext 132
973-715-1158 cell
GinaChirico@PruNewJersey.com

In NJ, deeds are recorded and this information is a matter of public record. Go to town/city hall and ask. You shouldn't go back farther than 6 months. Older records probably won't be an accurate reflection of the current market.

If you are taking out a mortgage, the bank will probably require an appraisal. The appraiser will use comparable sales data to help the bank decide how much money they are going to loan you. These days, the appraisal will likely be conservative.

If you are using a REALTOR, as him or her for comps. Even if you are in a dealing with the listing agent, it's okay to ask for comparative sales. This will give you more descriptive information than just looking at the recorded deeds.

Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
Jersey City, NJ
mailto:Joan@JoanProut.com
800-671-0596x1

City and County tax records. Some are online, many aren't.
Talk to the neighbors too. You don't have to mention a specific house, they will probably bring it up for you. They are the local experts.