How do I determine the estimated market value of a particular property using the Comparable Sales provided by RealtyTrac?
Below are two methods to estimate fair market value of a property: the quick and easy way to “ballpark” the value; and the more sophisticated method a professional appraiser uses when evaluating a property. First, the quick and easy method: 1. Locate and write down the price per square foot for each comparable sale. The price per square foot may not be available in a few states where state disclosure laws prevent us from obtaining the price from area sales. If this is the case, you could use RealtyTrac’s MLS search on the property details to evaluate the current selling prices of properties for sale in the neighborhood. You could also consult a local real estate agent. 2. Calculate the average price per square foot. If there are not 15 comparable sales available, you can still come up with a reliable price per square foot with at least three quality comparable sales.
