Have you ever looked at the asking price of a property, and thought it was a really good deal, but then find out it wasn't an especially good deal, because the neighborhood was priced below that property?  This is very common, if you come from a more expensive housing area, to a less expensive part of the country.  Everything seems like a good deal at first look.  From area to area, and even from neighborhood to neighborhood, the value of the same type house may be considerably different.  Many times a real estate investor who has been checking on the values in a particular neighborhood, will already have an idea of the value of houses in the neighborhood.  However, comparables should always be checked, to determine if there have been any downturns, or upswings in value.  To determine what you will likely be able to get from the property.  Be sure to use conservative estimates.  If you get more, than your conservative estimate, that is wonderful.  Setting the property for a quick sale should be a goal.  If you set the price too high, it may be on the market longer than you would want, and therefore costing you in holding costs.

     In my area there is a service that the major newspaper has online, that you can search for the price real estate sold for in a neighborhood, or street.  This works for a neighborhood that you can find similar properties.  With this list, however, it does not give the number of bedrooms, or square feet, or days on the market.  You will still have to investigate that information.

     The best information on comparbles is still from real estate agents, who have the tools to do the research.  More and more information is becoming available online, but until you are knowledgeable to determine the value of comparable property, compared to yours, it is best to rely more on a professional opinion.

     Another source of good comparable information is from real estate appraisers.  Consider getting an appraisal, if your property is unique from others in the area.  Especially if the property is not in a traditional neighborhood.  An appraisal is especially valuable if you have greatly improved the property.  But remember, if it is over improved for the area, you may not recoup all the value.

    Rely on data, and wisdom, not emotions when determining the comparables, and what the property you are considering will probably sell for.  This is one part of due diligence in considering any purchase of real estate.