# Appraising the value of property in Portugal (comparative sales data?)



## John and Cecil (Dec 22, 2019)

I have a question.  It appears that I am spoiled as all my previous home purchases were in the USA. It is very simple for me to ascertain the value of homes in the USA because all real estate transactions are input into the MLS and public records. When I want to evaluate a home I look at the "comps" (comparative sales) and I can see dozens if not hundreds of homes that sold in the area, I can see the listings and pictures and specifications, and I know how much money was paid for the home.

Now I have asked 2 realtors in Portugal and so far the answer is there is no comparative sales data here that I can use to help get my head in this market quicker. This seems really crazy to me, knowing what all the recent homes in the area sold for is good for both buyers and sellers. It makes transactions happen faster and with more confidence. Making sales prices and information difficult to get, or worse yet keeping it "secret", is only going to cause harm and slow the real estate market.

So I am asking, what is the Portugal alternative to a system such as the MLS (where they show homes for sale and sold homes including the closing price) that is used in the USA? If I cannot find a way to evaluate property accurately then my only option will be to just throw around low offers until I eventually get one. This really does not make sense though, so I must be missing something? 

Thanks


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## MikeItMo (Mar 3, 2018)

Yes, I too have thought this would be very useful here in Italy, where I've just sold, and in PT my medium term target. It exists in the UK (Zoopla, I think incorporates it) but it seems some countries are less advanced in the information sharing age.


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## John and Cecil (Dec 22, 2019)

In the US I use Redfin. Their website shows listings and sales on a map which makes it very easy. They have a unique business model too, their agents do not get paid on commission unlike most firms in the US. Their agents receive a salary based on the customer satisfaction rating that they get after the sale is completed. If they work in an area (depending on the value of the home) they charge a 1% commission to sell your house, although you still have to pay the buyer's agent the full 2.5%. If you buy with them (again depending on the price of the house) they usually give you a refund after closing about 1%. 

I also do not particularly care for this notary procedure here either. In the US in some states (like California) we use escrow companies. The signed contract is handed off to escrow and they make sure the terms are followed and they take the deposits and perform the closing. There is no need for an attorney for either party. We also have title insurance which guarantees the title and rights of the home are free and clear and insured up to the purchase price. I have seen closings as fast as 2 weeks with inspection contingencies and the buyer getting a mortgage.

I do like the appeal of the stone houses here though, they are quite lovely. Damp, but lovely. I am guessing dehumidifiers are a necessity.


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## MikeItMo (Mar 3, 2018)

John and Cecil said:


> In the US I use Redfin. Their website shows listings and sales on a map which makes it very easy. They have a unique business model too, their agents do not get paid on commission unlike most firms in the US. Their agents receive a salary based on the customer satisfaction rating that they get after the sale is completed. If they work in an area (depending on the value of the home) they charge a 1% commission to sell your house, although you still have to pay the buyer's agent the full 2.5%. If you buy with them (again depending on the price of the house) they usually give you a refund after closing about 1%.
> 
> I also do not particularly care for this notary procedure here either. In the US in some states (like California) we use escrow companies. The signed contract is handed off to escrow and they make sure the terms are followed and they take the deposits and perform the closing. There is no need for an attorney for either party. We also have title insurance which guarantees the title and rights of the home are free and clear and insured up to the purchase price. I have seen closings as fast as 2 weeks with inspection contingencies and the buyer getting a mortgage.
> 
> I do like the appeal of the stone houses here though, they are quite lovely. Damp, but lovely. I am guessing dehumidifiers are a necessity.


That sounds like a decent system. Interestingly when I signed the document to sell last week (as a private seller - all the agents who had agreed to 'collaborate' with me, taking their cut from the buyer only, were not happy when I found I private buyer...), my buyer has a friend who is an agent but not acting in this capacity with our deal, just a friend, as my buyer is in Tuscany for a month, took the €5k cheque instead of me (a kind of escrow) in case I defaulted and would have to repay double that amount. Maybe you know that here in Italy, a notary is obligatory to process a sale; agent sale or private. At least I won't be paying him/her this time.... 
Hopefully while I'm renting for several months in PT, I'll be able to familiarize myself with their system.


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