Finding Real Estate Comps Free with ListingSpark’s Market Compare Tool

Before we get started, let’s first start with learning more about what exactly “comps are”, and why it’s important they come directly from the MLS instead of other third party sites. Accessing free real estate comps is crucial as it allows investors to accurately value properties by providing a benchmark against similar properties that have recently sold, are on the market, or under contract, all without any cost.

What are Real Estate Comps?

Real estate comps, short for comparables, are recently sold properties that are similar to a property in terms of location, size, condition, and features. They serve as a benchmark to help determine the current market value of a property. By analyzing the sale prices of these comparable sales, users can make informed decisions about the listing price or offer price of a property. Real estate comps are essential for real estate agents, real estate professionals, and individuals looking to buy or sell a property. Understanding the market value through accurate comps ensures that you are neither overpricing nor underpricing your property, which is crucial in a competitive real estate market.

Why are MLS Comps Important?

1. Most sites like Zillow and Realtor.com do not post the final sales price. Instead, they only have the list price for when the home went under contract. The final sales price could be 10’s of thousands of dollars over or under the list price, leading to inaccurate valuations. Real estate comparables are essential tools for assessing property value and making informed decisions in the buying and selling process.
2. Zillow and Realtor.com are unable to access every listing on the market. Real Estate agents have the option to opt out of syndicating their listings to third party sites. Meaning, if you are not looking on the MLS, you are missing listings.
3. AVMs (automated valuation models) like the Zestimate are based off of flawed algorithms, and often provide inaccurate valuations. Real Estate professionals, such as appraisers, will never consider AVM’s as a reasonable means to determine a property’s value.
4. The MLS has extremely strict rules to ensure data integrity, ensuring the information you are getting will be accurate.
5. If you are not using the SOLD prices of comps as the primary source for deriving a property’s value, you are risking inaccurate valuations.

Why don’t real estate agents have access to MLS data?

The MLS is a subscription based listing service that only licensed Real Estate agents are able to subscribe to. Consumer websites such as Zillow, Trulia, Realtor.com or any of the search portals on the brokerage sites only get a portion of the data available on the MLS.

If you’re wondering how to sell your home without a realtor, it’s important to note that Texas is a non-disclosure state, so there are strict compliance rules about displaying sold home data.

How does ListingSpark gain access to real MLS Data?

ListingSpark pays the high licensing fees necessary to license data from the MLS. We follow the strict data-sharing rules laid out by the MLS. Our tech team built custom software with the ability to pull huge amounts of data from multiple MLS’ daily, aggregate this data, and displays it in an easy to use manner.

By using ListingSpark’s Market Comparison along with our detailed listing checklist, you can ensure you’re accessing accurate and comprehensive MLS data to find the best comps and make informed real estate decisions. Accurate comps are crucial for real estate investing, as they help investors make informed decisions, maximize investment potential, and minimize risks.

How to Find Real Estate Comps

Finding real estate comps can be a straightforward process if you know where to look. Here are some effective methods to find real estate comps:

Using a Reputable Real Estate Website

One way to find comps in your area is to use an established real estate listing website for your research. Websites like Redfin, Zillow, and Realtor.com offer an easy way to identify recently sold homes in your neighborhood quickly. These websites provide a wealth of information, including sale prices, property features, and photos. You can filter your search by location, price range, and property type to find the most relevant comps. This method is particularly useful for getting a general sense of the market trends and comparable sales in your area.

Asking a Real Estate Agent for MLS Comps

Another way to find accurate real estate comps is to ask a real estate agent for MLS comps. Real estate agents have access to the Multiple Listing Service (MLS), which provides detailed information on listed properties, including current market listings and recently sold properties. MLS comps are considered more accurate than online listings because they are updated in real-time and provide more detailed information about each property. By consulting a real estate agent, you can gain access to the most accurate real estate comps, ensuring that your comparative market analysis is based on the most reliable data available.

Evaluating Real Estate Comps

Evaluating real estate comps requires careful consideration of several factors. Here are some things to look for in comps:

What to Look for in Comps

When evaluating real estate comps, look for properties that are similar to the subject property in terms of location, size, condition, and features. Consider the following factors:

• Location: Look for properties in the same neighborhood or nearby areas.
• Size: Consider properties with similar square footage and number of bedrooms and bathrooms.
• Condition: Look for properties with similar condition, age, and upgrades.
• Features: Consider properties with similar features, such as a backyard, pool, or views.
• Sale price: Look for properties with similar sale prices to determine the market value of the subject property.

By carefully evaluating real estate comps, you can determine the market value of a property and make informed decisions about buying or selling. Remember to consider multiple data points from multiple sources, including MLS comps, online listings, and real estate agent insights, to get an accurate picture of the market. This comprehensive approach ensures that you are basing your decisions on the most accurate and up-to-date information available.

How to use ListingSpark for Comparative Market Analysis

You can request free comps from our team through ListingSpark’s Market Comparison to schedule time to talk with a professional ListingSpark real estate agent who can analyze your property and the market for free to give you the most accurate comps possible.

If you are in Texas, Georgia, Tennessee, or Florida, home selling just got easier. Save thousands in real estate commissions and enjoy a stress-free sale. 

Don’t miss out – and let us guide you to a successful and cost-effective home sale.