Home Buying in Diamond Bar>Question Details

Annie, Home Buyer in Walnut, CA

How can I get to know a property's market value?

Asked by Annie, Walnut, CA Mon Jan 25, 2010

Help the community by answering this question:

Answers

9
Hi Annie,

Speak to a local realtor who has knowledge of the area. A realtor tcan provide you with a FREE CMA.
0 votes Thank Flag Link Wed Nov 3, 2010
The best way and truly is to do market research. There are websites that give a number but I have found that they are always off.
0 votes Thank Flag Link Tue Nov 2, 2010
Annie,

The quickest way to get an accurate value of any property in today's market is to speak with a Realtor! It's quick, easy and most of all free!
Web Reference: http://www.victor4homes.com
0 votes Thank Flag Link Tue Nov 2, 2010
Annie:

The true determination of a property's market value is determined by what a willing buyer and a willing seller negotiate as a sales price. This removes sellers that are under duress of any kind (short sale, facing foreclosure, severe financial difficulties, etc.) from the equation.

A good real estate professional can provide you with a range of values for homes in a specific area. However, remember, each home is unique, as is each sales transaction. Buying a home from a seller with equity often garners a higher sales price, as you are dealing with someone who will give you full disclosure about their home and respond to a request for repairs. Buying a short sale often leads to a lower price (even if the homes are identical) because you will have to do your own termite, pay for your own Home Warranty, and perform all needed repairs yourself.

The final word on the property's market value will be given by the appraiser. If the property is worth less than what you offered, you can go back to the seller and possibly negotiate the price down to the appraised value (we do this often with Bank Owned and Short Sale properties). If the property is worth more than you offered, then the appraisal will come back at the purchase price offered. This will confirm that you are getting your home for market value or below.

Hope this clears up, and or reinforces, some of the points made in the prior posts. Good luck in your home search and Dare to Dream.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Tue Jan 26, 2010
Hi Annie,

I assume you are referring to the homes in Diamond Bar, specifically those in the Walnut School District. I know this area well and have sold a few homes there. In your area homes in the Walnut S.D. go for a premium and are really selling fast right now, usually with multiple offers. The $$ you pay for a home will ultimately be determined by an appraisal followed by any final negotiations between you and the seller should the appraisal come in lower than the contract price.

I'd love to offer you further assistance should you need it.
Aaron Zapata
Prudential CA Realty
Aaron@AaronZapata.com
0 votes Thank Flag Link Mon Jan 25, 2010
The other answers were correct, and let me provide a little more detail. When I attempt to learn the market value of a property, I do an MLS search as follows:

Same SqFt living area, plus or minus 10%
Within a 1-mile radius of the subject property
Currently for Sale,
Sold within the last 60 days (or maybe 90, 120 depending on what it takes to get enough sales to be meaningful, at least 8, prefer 12 or more)

That will give you a high, low, median and average price on comparable homes for sale and sold. Sold is the most important. Ours also gives a a sold price per SqFt. My starting point is that price per SqFt times the floor space of the subject property.

Then I like to take the client to see 3-4 of the comparable homes that are for sale, and look at the MLS pictures of the sold homes, all to get a feel for whether the subject home is better or worse than those. That will help make a judgement about whether the price should be above or below that calculation I just made.

That's the bare bones of how it works for me. Hope it's helpful.

Also check my blog post at
http://www.trulia.com/blog/dave_sutton_windermere_walnut_cre…
0 votes Thank Flag Link Mon Jan 25, 2010
Do a search for an agent in the town your looking for (Find a Pro tab) and shoot a few of them an email. See who responds to you first and begin building a relationship with them. They should be able to give you a value on any property you'd like the same day.

Good Luck!
0 votes Thank Flag Link Mon Jan 25, 2010
Hi Annie,
The best way to do this, is to start a relationship with a local realtor. We have access to this information and will freely share it with out clients.
0 votes Thank Flag Link Mon Jan 25, 2010
Annie,

This is one of the free services real estate professionals provide for their customers. By reviewing the sale prices of recently sold similar properties they can calculate an approximate value called a CMP(comparative market analysis).

Another option is to have an appraisal done by a professional appraiser....which may cost several hundred dollars.
0 votes Thank Flag Link Mon Jan 25, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer