How much is my home worth? How much is the home I am thinking about buying worth?
There are a lot of statistical tools on line that can give you a ballpark but keep in mind they are statistical tools that are diluted by a percentage of foreclosures and short sales that probably drag the average down.
Web sites like Zillow ,Cyberhomes or Eppaisal will give you a number but in no way is that number a great number that you can stand on. Â Definitely not as good as a number arrived at by a Realtor which in turn is not as good as a number arrived at by an Appraiser.
But if you insist on trying to make this determination on your own here is a great tool that uses the Conventional Mortgage Home Price Index also known as the Freddie Mac Home Price Index. Go to http://www.prestonware.com/CheckPropertyValue Â If you punch in your details the system will generate a nice graph of the value of a given home over time. There is also a link that will put you on a quarterly email that updates you on the value of a property 4 times a year.
Please keep in mind that the CMHPI is also an estimate and if you are buying or selling it is best to speak with a Realtor. Unlike the Appraiser, the Realtor can best tell you about the emotions that are out there in the marketplace right now and what kind of premiums sellers are getting and what kind of premiums buyers most likely will have to pay.
If you are a customer and in need of a good Realtor, I would be more than happy to recommend a good one based on what you are trying to do and where.
Preston Ware / Mortgage Banker