Learn how to find comparable sales on Redfin.com using a step-by-step guide.
Comparable sales, also known as comps, are properties that have recently sold and are similar to the property you are interested in. They play a crucial role in determining the fair market value of a property and the after market value (ARV). By analyzing comparable sales, you can get a better understanding of how much a property is worth and make informed decisions when buying or selling real estate.
When it comes to finding comparable sales, Redfin.com is a valuable tool. It provides a vast database of real estate listings and sales data, making it easier for you to find properties that are similar to the one you are interested in. As a former Redfin agent, I learned to use their app and website to find comps when I'm on the go.
To start finding comparable sales on Redfin.com, you first need to navigate to their website. Open your web browser and enter 'www.redfin.com' in the address bar. Press enter, and you will be directed to the Redfin homepage. Alternatively, you can open your App Store application on your phone and search for "Redfin". Download the app then open it to get started.
Once you are on the homepage, take some time to familiarize yourself with the various features and options available. Redfin offers a user-friendly interface, making it easy to navigate and find the information you need.
After accessing the Redfin website, you can use the search function to find properties that are comparable to the one you are interested in. Locate the search bar, which is typically located at the top of the webpage. Enter the location or address of the property you wish to find comparable sales for.
Redfin will display a list of properties that match your search criteria. You can further refine your search by using filters such as property type, price range, number of bedrooms, and more. This will help you narrow down the results and find properties that closely resemble the one you are interested in.
If it's a valid address, a property profile will display on your screen. At first sight you will see the "About this home" section. Scroll down until you reach the "Redfin Estimate For ______". Below that you will find "Nearby comparable homes". Switch to "View Comparable on Map".
Once you have identified a list of properties that are comparable to the one you are interested in, it's time to analyze and compare the sales data. Click on each property to view its details and sales history.
Pay attention to important information such as the sale price, sale date, square footage, number of bedrooms and bathrooms, and any additional features or amenities. This data will allow you to make a fair comparison and determine the market value of the property you are interested in.
To further refine your search and find more accurate comparable sales, Redfin offers additional filters and criteria. You can adjust the search parameters to include only recently sold properties, properties within a specific time frame, or properties within a certain distance from the target property. It's best practice to use the most recent sales. I look 3 months back and +/- 250SF of subject property.
By utilizing these additional filters and criteria, you can ensure that the comparable sales you find are the most relevant and up-to-date. This will help you make a more accurate assessment of the fair market value of the property you are interested in.