We get it you Real Estate Investors! Most of you shifting through Craigslist or the MLS run across potential deals all the time and need quick ways to determine the value of a deal.
It's hard to make the best offer for wholesale or rehab flip investment purchase without knowing what a property's worth currently and market conditions.
Below are 5 free & quick online tools you can use to quickly evaluate a property's current value and market potential.
5 Quick Ways – Determine A Property’s Value For Offers
Online home estimation sites make market research simpler for real estate investors and do not require the use of a real estate agent. Cool thing is that you can many of them to also see what other homes are for sale, if there is a dominant realtor for the area or even something as mundane and important like nearby major construction.
Every one knows that Zillow is market leader when it comes to online home values and mapping. You can put in a specific address or even do research based on a zip code or neighborhood. The online mapping and visual of the reports are really cool features real estate investor love.
Trulia is like the little sister of Zillow. The website provides great area reports and information of agents & market trends.
Like the name suggests, it a list of current homes for sale on the MLS by a real estate professional. The data here changes daily based on price reductions, pending, solds and expired listings. They also offer a less detail CMA (comparative market analysis) for free once you register with the site.
Some of our more experienced real estate investors use Redfin. The reports here include – property taxes, annual insurance and information about neighborhood. It's tied into the MLS somehow and using current listings to also provide an accurate home current and potential value.
County Tax Assessor
This is my personal favorite. When I first started investing over 10 years ago – I used to go to the local tax assessor website and put in an address for a property I found driving around or listed as a For Sale By Owner.
It gave me current assessed tax value (I often compared that to list price), owner's information, how long they had property, liens and legal description/size of the investment property. Back then it was free and most tax appraisal or county tax assessor website are still free or may require you to register in order to save or download information. Investing Tip: Use the current owner information to send them an offer letter .
Best of luck investing and home the above “5 Quick Ways – Determine A Property’s Value For Off” will be a big help for you in making informed offers on your next wholesale, rehab flip or rental property investment deal.