How To Find Recently Sold Properties on PropStream [Step-by-Step]

From running comps to studying local trends, the ability to find recently sold property data is an incredibly useful tool for real estate pros.

Not sure where to find this data? PropStream It!

In this article, we covered how recently sold data is beneficial for various types of real estate professionals and provided a step-by-step tutorial on how to search for this data in PropStream.

Let's get into it.

Jump to the tutorial.

Buyer Agents

As an agent representing buyers, you can use recently sold data to understand what local properties are selling for, AKA "running comps." This helps you ensure that your buyers aren't attempting to overpay for a property. In fact, lenders typically won't lend more than a property appraised for. So, by ensuring you and your client have a rough idea of the property's value, you can avoid significant surprises during the appraisal. 

Additionally, if you frequently work with investor clients, you understand that the profit potential can make or break a deal for them. As their agent, you can advise them on which regions are experiencing price shifts, longer-than-average days on market, and other analytics to help them find the most profitable opportunities.

Listing Agents

Similarly to buyer agents, listing agents benefit greatly from running comps for clients. However, instead of using this information to ensure clients pay a fair amount, they use it to ensure clients receive a fair return on the property.

Recently sold data is also helpful for prospecting efforts, as it can reveal valuable information about a market's activity (e.g., high recent home sales could suggest the neighborhood is going through a transition, like it may be mostly senior owners who are ready to downsize or the neighborhood may be primarily starter homes and the local families are ready to size up).

Pro Tip: With PropStream, you can review a property's local demographics to help identify the commonalities causing the surge in recent home sales.

On the topic of prospecting for motivated sellers, studying recently sold properties can help you identify local investors. For example, if the buyer is an LLC, the majority of their transactions are cash, or they have several properties in the area, you can assume they are probably an investor. Investors can make excellent leads for agents, as they frequently buy and sell properties, leading to repeat business.

Related: How To Become the Go-To Agent for Investors

Landlords

A landlord's success lies in their ability to select profitable properties and locations. Part of this formula requires understanding how the upfront cost to purchase the property, the monthly mortgage payment, additional fees, etc., stack up against the profit potential. They uncover this information by running comparables.

As we mentioned before with the agents, running comparables offers landlords insight into the market value of the property, allowing them to make an offer that works for them and the seller. 

Once landlords understand what a fair purchase price is, they'll want to study the activity for the region to determine its popularity, how the properties have appreciated over time and other factors that will influence their short-term and long-term financial gains.

Lastly, no landlord wants to get far into the purchase process of a property only to discover it appraises for way lower than they initially thought. While using recently sold property data to run comparables won't replace an appraisal, it can be a great starting point for avoiding surprises down the road.

Flippers

Knowing a property's estimated value is vital for nearly any real estate professional dealing with property—flippers are no exception.

Since flippers earn their income by repeatedly buying properties at a discount, renovating them, and reselling after a short period, they'll want to gain insight into current property value as well as ARV (after-repair value). Both of these numbers can be estimated by running comparables on recently sold properties nearby.

Flippers also need to be able to sell quickly once their rehab is complete. Since the type of financing options flippers use are typically short-term and high-interest, they'll want to aim for a region with fewer days on the market. If their newly-renovated property sits on the market too long, there are significant expenses the flipper will have to pay until it sells, potentially cutting a huge chunk out of their anticipated earnings.

Lastly, some flippers try to flip in regions where landlords frequently buy property. Since a landlord is less picky about a property's condition and the quality of materials used, flippers can typically save some of their rehab costs by opting for less expensive building materials. While some landlords use the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method, many just want to invest in a property they can immediately get tenants into, making a newly flipped property appealing.

How To Find Recently Sold Properties on PropStream

Step 1: Choose a Search Region

Want to choose a more precise location? Utilize our Draw Tool!

Step 2: Navigate to the Filter Menu

Filter Menu Button

What you'll see when you click the Filter Menu button

Step 3: Under “MLS Status” Select “Sold”

Step 4: Input a Custom Timeframe—We Recommend Less Than 6 Months

To narrow your search to recently sold properties we recommend using a timeframe of 6 months or less (inputted fields are just to show how you can customize your search).

PRO TIP: If you don't want to manually input a timeframe, you can choose from 1-8 weeks using our dropdown range.

Note: If you have an abundance of results after using 6 months or fewer as your parameters, consider narrowing your results to 2-3 months or less for a more targeted search.

Start Finding Recently Sold Properties in Your Region—PropStream It!

Recently sold property data is an invaluable resource for uncovering recent trends, running comps, and more to ensure your leads and professional decisions are driven by strategy and will offer the most prosperous returns. 

To start browsing recently sold data, activate your 7-day free PropStream trial and enjoy 50 complimentary leads!