http://www.trulia.com/voices/Home_Buying/What_do_you_do_when_comparables_for_a_particular_a-29942are overpriced, but aside from the obvious point that they aren't selling at the listed price, how can I get an accurate read on what IS market price without any recent comps?en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Cupertino_CA-195039/http://www.trulia.com/voices/profile/Real_Estate_Pro-Cupertino_CA-195039/Comps need to be as close as possible in Time, Distance, and Property Discription, also Sold and Pending Sale are good indicators. Now without any comp?? it is going to be difficult. Best would be seek the assitance of an Appraisor or a Real Estate Agent. You could also work on the Property sheet, from a title/ escrow company, It gives out the current property value (Cost of Land and cost of developement), as also the sale price and the last date of recording, and the current property tax. You may do some math and try and arrive at a figure, do consider the local appreciation, upgrades if any and property condition. Once again it is not going to be easy without any comps.Wed, 09 Apr 2008 21:18:01 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Dallas_TX-123371/http://www.trulia.com/voices/profile/Real_Estate_Pro-Dallas_TX-123371/Contact an appraiser, comp's are only valid for approx. 6 months, based on type of property locationWed, 09 Apr 2008 21:03:01 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-19382-203787/http://www.trulia.com/voices/profile/Real_Estate_Pro-19382-203787/Many houses sell everyday. If an area has no comps for more than a year, it's either a good indicator that owners love the area and want to stay or a bad indicator that no-one wants to buy in the area. We figure out which situation is true and act accordingly. Helping sellers determine an appropriate price for their home is certainly interesting in this "Buyers" market. Pricing has changed and it's important to educate our sellers as to how pricing has changed in their local community. Local real estate knowledge is invaluable in helping solve this situation. We know our area, its changing economy, and what statistically is happening to housing prices here. We also tour as many homes as we can to keep up on the market. Ask your realtor whay they think there is so little activity in the area you're interested in.Wed, 09 Apr 2008 08:16:41 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-76234-120098/http://www.trulia.com/voices/profile/Real_Estate_Pro-76234-120098/Julia, KIND OF KNOWING THAT AREA, Bay City is a VERY unique area. You should really find someone that has lived and worked in the area for a long time because of the changes that have taken place down there over the past 10 years. It is becoming the weekend getaway place for the Houston area. Homes on the water have really become sought after, but unfortunately, not too many have sold. I feel these is basically due to the fact that the sellers are wanting to hold off until the prices slip upwards a bit more. Good luck and do your research about past flooding areas. IT DOES happen in that area.Wed, 09 Apr 2008 08:03:48 -0700http://www.trulia.com/voices/profile/Home_Buyer-Austin_TX-203463/http://www.trulia.com/voices/profile/Home_Buyer-Austin_TX-203463/Bruce, I am in Austin but the house is about three hours away in a very small town and is unique in that it has river frontage, as do about 120 houses in the area in which I'm looking at. Approximately 15 of those homes are for sale (some of which have been listed for over a year) but I was told there are no recent sales for the river front homes. There are several I would consider, but the fact that they aren't selling leads me to believe they are priced higher than they should be but my question is how can I tell if there are any recent comparables?Wed, 09 Apr 2008 06:15:47 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Texas-61252/http://www.trulia.com/voices/profile/Real_Estate_Pro-Texas-61252/I'd find it strange in Austin in any neighborhood that you can't find comps unless there is something very unusual about the house. You can expand the area of your search some or expand the features used and make price adjustments. You could also perhaps look at what the homes sold in the neighborhood have done and expand that to the particular home to give you an idea. In the end prices are just what a willing buyer will pay and a willing seller will accept. If you are finding one or two homes you think are overpriced they could be. If you think all the homes for sale in one particular area are overpriced, then the market may be telling you something different. I think in most areas it is not hard to get an idea of prices. If you visit 10 homes that meet your search points that are fairly similar you will likely see one that is clearly overpriced or you're sure won't sell at all, you'll see several that are average, and you'll see one that you know will sell shortly at the full price or more. That's the problem with comps or averages. Every house is different.Wed, 09 Apr 2008 02:53:05 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Issaquah_WA-162138/http://www.trulia.com/voices/profile/Real_Estate_Pro-Issaquah_WA-162138/Julia, The best indicators of market value are the most recent and most similar sold properties. In the "Sales Comparison Approach" to determine value it is best to use properties that have sold in the last six months for comparables whenever possible. Proper adjustments are made to the sales prices of comparable properties to account for differences between the subject property and the comparables. When there are no comparable sold properties within the last six months, appraisers usually expand the search area to find more. Usually a radius search is done incrementally starting at 1/4 mile from the subject property and then it is expanded until an adequate number of comparable properties are found. Hopefully there are similar neighborhoods nearby that can provide reasonable comparables. Appraisers sometimes use the "Cost Approach" method to determine real estate value. In this method the value of the improved property is indicated by the value of the site plus the cost to construct improvements, less any depreciation the improvements have suffered. An experienced agent in your area should be able to perform a thorough market analysis for you if you are interested in a particular home.Tue, 08 Apr 2008 23:56:58 -0700