You have received excellent responses below and all directing you to working with a local realtor ... I can help you with that! :) I am a local realtor in your area and would be happy to provide you with a market analysis of your current home and talk about your options for purchasing a new home.
Shelly Masica ~ CDPE, ABR, ePRO, SFR
Keller Williams Realty, Realtor/Partner/ALC
Cell: (810) 569-7907
Fax: (888) 607-4435
Please work with a qualified agent who can guide you through the process and do a comparative market analysis of sale prices of similar homes in the area.
I would love to help you if you would like to give me a call.
But I do understand why you are asking!
All depends on your market area, your home size and condition how it compares to the surrounding homes that are on the market and competing with yours, and do you want to buy bigger or smaller,
in the same area or elsewhere....
In order for YOU to get the best information and the best guidance you must work with an experienced area Realtor, that Realtor - after you sit down and discuss your needs, have him or her see your home,
and get informed about the services this Realtor will provide to you for both the sale and the purchase,
This Realtor (also knowing your financial situation which may indicate one way or the other) will be
able to make the best suggestions how to proceed.
If you buy a new home before you sell or close on the first, you a) may not get the mortgage on the second home or b) you may not sell the first and end up with two mortgages.
Therefore it is usually the best to sell first and then buy (you have cash in hand and you are in a much better negotiation position !!)
Of course you can always make an offer on a property with a house sale contingency, which means
you are kind of reserving the future home until your home sells (but the contingency is usually limited, and if and when the seller of your new homes gets another offer, he may ask you to remove
the contingency or you lose that home if you cannot do that, because your home is not sold yet)
So so many angles and things to think about, you really should not do this without an experienced
local Realtor.... And good luck to you...
Good Luck to you, if you need a recommendation for a local Realtor, get back to us here and we
gladly make some good recommendations.
YourRealtor4Life! Your Chicago, Northern Illinois, N and NW subs and the fine homes of the
Northshore Expert with @Properties Northshore, 30 Green Bay Road, Winnetka, Il. 60093
Edith always works in the very BEST interest of her clients, buyers, sellers and investors alike
and she truly goes the X-tra Mile with a SMILE for all her clients
Have a wonderful Day and all the BEST....
Without knowing your situation it is hard to give you a direct answer. You might want to speak to a lender also.
Speak to a local Realtor too
I would interview a few agents and ask them for their opinion of value. During that process pick someone you want to work with to sell your current home, and buy your next home.
Some people are able to buy without selling. If you are buying with cash, you can certainly do that. If you need a mortgage, you will need to meet the lender's requirements and have the financial strength to qualify to pay to mortgage payments. So that is something you should discuss with your lender. They will be able to easily tell you if you have to sell to buy.
After that you can meet back up with your Realtor and make a plan to achieve your goals.
You can consult with a real estate professional that is able to provide you with a comparitive market analysis. An agent will review your RE market to identify good comparison property for your subject home, pretty much in the same manner as an appraiser would. They will usually provide you with a price range that should be similar to an appraisal. This process is normally provided free of charge.
The third(but not recommended) process is to do the work yourself by using resources such as Trulia, Zillow, tax records, etc to create your own information to draw from and forming your own conclusion.
Establishing home values can be tricky and involve many factors, something a professional is best suited for.