Posts: 15
Threads: 7
Joined: Sep 2007
Aloha,
I am curious about a home here on the Red Road in Lower Puna that's for sale. A friend suggested that in terms of determining whether the price is a fair one that I try to get some comps on it in the area. Anyone know how to go about this?
Mahalo plenty,
Christina
Posts: 1,069
Threads: 266
Joined: Sep 2006
quote:
Originally posted by krysinge
Aloha,
I am curious about a home here on the Red Road in Lower Puna that's for sale. A friend suggested that in terms of determining whether the price is a fair one that I try to get some comps on it in the area. Anyone know how to go about this?
Mahalo plenty,
Christina
Punaweb has two resident "agents" who post often here. Perhaps if you write here what house offers, and for how much. Then one of the 'Johns' can chime in and tell you if it's fair market price or not. Otherwise just go to real estate sites on internet for Big island listings..
"You must be the change you want to see in the world."
- Mahatma Gandhi
-----------
Support the 'Jack Herer Initiative'NOW!!
Posts: 2,314
Threads: 59
Joined: Jun 2003
Christina, e-mail me the TMK number of the house privately and I will e-mail you the CMA. (Comps.) Please note that the more detailed and reliable option would be getting an appraisal on the house.
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
Posts: 942
Threads: 17
Joined: Aug 2005
The other John is right. The problem with properties along Red Road is that 1) very few come on the market and 2) each one that does is very unique and therefore hard to compare with the property in question.
Its a lot easier in more developed area with a more active market. Unique properties (like ones on Red Road) are by definition "unique", making it a challenge to find truly comparable properties.
That all being said, if you need some help, don't hesitate to ask.
John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com
John Rabi and John Dirgo are very kind to offer. Normally you would get comps from a realtor who is going to represent you as buyer or seller and would hope to earn a commission. It is a gift for them to do this.
Aside from the very real truth that it will be hard to find true comps for this, more in answer of your general question about comps, a person needs access to a data base that shows recent sales in the area, the square footage, # of bedrooms, lot size, view or lack thereof, age of house, etc..
Nothing in the database is as accurate as an appraisal, but even then the appraiser has typically only got firsthand knowledge of the one property.
There are a lot of aspects of a property that comps don't address ... can't address. I mean to make a very simplistic example, you could take the exact same house and flip it to a different orientation on the lot right next door, and still one house would be better to live in than the other one ... comps don't address all sorts of subtle benefits and detractions, and they don't address the neighbors' impact, which is so importaant.
Aside from the comps you get on paper, you should drive by the other houses that sold in the last three months and see if you think the value was comparable, and find an agent to show you the other properties for sale, and see how they're priced. It costs you no commission to work with an agent, you know.
I think comps say a lot about the general value for dollar you can expect from the house itself across subdivisions or districts. Meaning, they tell you what kind of a dump you can get in Hawi for the price of a gorgeous house in HPP. ;-)
Posts: 15
Threads: 7
Joined: Sep 2007
Thanks very much to all of you who responded -- you have been very generous with your time (especially John Rabi) and I have learned a lot in this early stage of my potential house-buying process.
Mahalo plenty!
Christina
