Chapter 2: MLS Basics
« Lesson 4: Pulling Comps »
Pulling comps, or doing a ‘market analysis’ is an ESSENTIAL skill to master. Spend any free time you have pricing out houses. You can look at your house, your friends houses, listings in your neighborhood or the neighborhoods you want to work in, houses your buyers are interested in, etc. Get good at this and practice it frequently, especially in the beginning.
Here’s how Amy does it:
Here’s how an appraiser prices a house:
- Send Amy comps for 10302 108th ave N, Maple Grove MN. It’s a 4 bed/3 bath with 2 stall garage. Assume it is fully updated.
- Send Amy comps for 2202 Tamarin Trail, Golden Valley. It’s a 2 bed/2 bath with 2 stall garage. Assume it is fully updated.
- Send Amy comps for YOUR house.
- Practice After Repaired Value (ARV). Find a crappy house that is listed. Figure out what the right price for it is as it sits. THEN, Assume it is fully updated, new kitchen, bathrooms, flooring and fresh paint. Figure out what it’s ARV is. Email Amy both with your explanation.
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Properties are provided courtesy of the Regional MLS of Minnesota, Inc., Broker Reciprocity Database.
Information Deemed Reliable But Not Guaranteed. ©2018 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.