Consult with a real estate agent or appraiser who has access to the Multiple Listing Service to find the actual selling prices of comparable local homes, suggests BiggerPockets. Other options include using online resources, such as Zillow.com, Trulia.com, Realtor.com and Property Shark; although these options may not be as accurate as MLS listings.
Zillow provides users with a Zestimate that produces a suggested retail value based on public records and comparable sales in the area, explains BiggerPockets. Users who prefer to determine comparable values on their own can search through the sold listings to complete a market analysis.
While some online options for determining property values remain free, others require a fee to access their data, cautions BiggerPockets. Websites such as Home Smart Reports and RealQuest.com provide extensive data on properties within a given area but charge for this service. In addition to comparable local home sales, these sites provide information such as neighborhood information, transaction histories and flood maps, among others.
Tips for finding the right comparable for a certain property include using an apple-to-apple model, notes Trulia. This model requires the user to search through comparable listings to find one that matches as closely as possible with his own home. Items to match include square footage, age and condition, number of bedrooms and bathrooms, amenities, lot size and location.