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What is the best way to come up with an offer price based on comparables?

The houses in the area on Zillow are all over the place, anywhere from 25K to 140K.  The house we are interested in is 129K.  Do I just look at houses currently for sale, or look at the last selling price of all of the houses in the area?
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June 26 2012 - Erie
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Hi you should use comparables and the advice of your realtor. Zilow is not a reliable source of information. Best of luck to you.
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June 26 2012
I would not use Zillow numbers as comparables, since the public keeps on saying they are off.  Get yourself a buyer agent and ask her/him to do a CMA comparative market analysis, that is the best way to identify real comparables.  The most accurate figures are the sales within the last 3 months.  You can look at the interior photos and refine the results.  Good luck!
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June 26 2012
You are very wise to look at comparable homes before placing your bid. Be careful however, even though a home is in the same general area does not mean it is a good comp. I currently have a listing in a beautiful 55+ Adult Community. It is bordered by a traditional neighborhood. However, there are a multitude of benefits to living in the 55+ Community that you don't get in the traditional neighborhood such as, lawn care, snow shoveling, mulching, sprinkler system maintenance and of course the best feature of all the great club house with a pool, exercise room etc. Yet when someone searches for  "comps" in the area, all the homes about the same size with none of the extras pops up! Of course they command a lower price and this skews the comparable pricing, making my listing look overpriced. Lesson here, there is more to a home than the number of bedrooms and baths! Choose your "comps" wisely for the best reliable pricing!
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June 26 2012

In deciding what to offer for a house, you have to look very carefully at what comparable homes have sold for. I would not rely solely on Zillow for that information. You really might consider trying to find a buyer's agent who can assist you and give you the most current information.

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June 26 2012
 
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