How to get the skinny on a property? Online research tools?

Hi Jamie,

Referring to the USA. Zillow & Trulia are sites that offer computer modelled estimates of values of homes. Sort of like a realestate.com.au on steroids !!. They also include homes for sale or for lease.

Zillow provides what is called a "zestimate" of value. They don't offer a high degree of accuracy but do provide useful information like what labrador mentioned. In a state like Texas (which is a non disclosure state….meaning sales prices do not get recorded at a county office) and 9 other states….zillow estimates are completely out of whack and their website disclosures tell you such.

labrador…..try another called sawbuck.com

I am playing in the Atlanta market   –  This is what I do to keep the figures real and work out whether I am buying well in terms of price only.

If the asking price is $50K and the size of the property is 2500 sq ft simply divide sq ft into the purchase price to establish what you are paying per sq ft and you will need to know what it would actually cost to build per sq ft today. For this example I would be paying $20 per sq ft for this property in Atlanta.

I know It costs anywhere from $65-90 sq ft to build in Atlanta so at $20 per sq ft an absolute bargain. Of course there would be other boxes that it would also need to tick, but at least this is a start to try to get your head around values.

Cheers WI

There are so many sites to look at, whether it's for pricing, walk ability, crime, schools, sold or for sale, etc etc. that everyone seems to have their favorite one they refer to. and yes in most cases you have to still use your own judgment as many are so far of the truth, especially for pricing, the area info is normally pretty good though.

It's still strange that many use Zillow for their pricing values, and even they themselves tell you that they can be way off the mark and in many cities or states, they can't get the info so they just use their own Zestimate.

To give an example, right now i have beautiful tri level property in a really good middle class location in Kansas City, selling for $70K appraised at over a $100,00, but Zillow has it at over $250K, absolutely crazy.

You really have to have the right contacts and local neighborhood experts, it even takes true wholesalers many years to develop their contacts and form business relationships locally to get the better deals, so what chance does the odd person have, especially from overseas.

So when looking at buying, ask a lot of questions find out about who you are really buying from and what their experience and local knowledge is.

Do your own due diligence, and you should get a good overall picture of what you are paying for..

Jeff