Cathy Baker, Other/Just Looking in Indianapolis, IN

how do i determine the value of my home?

Asked by Cathy Baker, Indianapolis, IN Mon May 19, 2008

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Answers

14
Whatever you do, do not use Zillow or similar sites as a proxy for your home's value.
1 vote Thank Flag Link Mon May 19, 2008
Hi Cathy:

You can get neighbohood info by going to Open Houses on the weekend and reviewing what similar homes go for.

Call a local Realtor or many fine ones responding to your question. That will be the best and most effective.

Good luck.
Perry

http://www.ruthandperry.com
0 votes Thank Flag Link Sat Aug 13, 2011
A market analysis that compares homes similar to yours that have sold within the last 30 days is one of the best indicators. But you've got to look at more than just square feet. You need a real estate agent who will do the analysis looking at the big ticket items that can drastically impact the sale price of a house, including age and condition of furnace, roof and windows. A good agent will compare not only square footage, number of bedrooms and baths, but also the condition of the home, size and value of the lot, trees, landscaping, updates, etc. The true vaue of your home is what someone is willing to pay for it, and that takes some leg work to really understand recent sales and curren competition. Most agents - including me - provide market analysis free of charge.

As far as an appraisal. Most of the time you don't need one, unless you have a unqiue property that does not have any comparisions within the area.
0 votes Thank Flag Link Mon Jul 7, 2008
Hi Cathy,

Interview local real estate agents and request a comparative market analysis of your home. The analysis should include recent active, sold and expired properties that have similar features to your own. In general, the sold properties should carry the most weight in determining value. Of course, current market conditions in your area might drive the value up or down.

Most important, compare apples to apples. Be realistic about how your home compares to the comps. Curb appeal, updates, location, amenities, size all can make a huge difference.

Best wishes,
Christopher Rich - REALTOR
William Raveis Real Estate
Your Fairfield County CT Real Estate Agent
0 votes Thank Flag Link Fri Jul 4, 2008
Cathy,

As we see it there are three possibilities:

1. Do it yourself-utilize information derived from Trulia, Zillow, et. etc. to develop your own value.

2. Contact a real estate professional and request a free "Comparative Market Analysis"

3. Hire an appraise to do an appraisal. It shouldn't cost more than $350.

Hope this is helpful.

The "Eckler Team"
0 votes Thank Flag Link Fri Jun 27, 2008
@bayou-
Drew from Zillow here. We agree that people should not use a Zestimate as the only input to pricing a home that you are trying to buy or sell, but a Zestimate is a starting point and we are very transparent regarding our accuracy. You can see our zestimate accuracy on a county by county basis at the link below. That said, we absolutely recommend that people consult a local professional before making a financial decision.

Hope this helps.
0 votes Thank Flag Link Fri Jun 27, 2008
Ask a real Estate Agent to do comps on your property. They will look at the properties currently listed, the properties that are pending, and the ones that have sold in the last 6 months. The Real Estate Agent will then give you a comparative market analysis of all these homes in your area.
0 votes Thank Flag Link Sat Jun 14, 2008
Flip a coin..............In all seriousness, your value is market driven. It's worth what someone is willing to pay and what you are willing to accept. Price, condition/location and market time help determine value. Comps, market values, appraisals, etc. will all "ballpark" your worth, but at the end of the day, it's market driven. To determine your " ballpark" range, a lot of consideration takes place. Loctation, condition, pricing all are factors. Look up a pro who is willing to give you an independant review. There is no magic formula in speculating value. Just my two cents worth. -Eric Karrfalt, " gaining my clients a competitive edge for the last 15 years".
0 votes Thank Flag Link Mon May 19, 2008
Cathy,

The value of a home is based on what Buyers are willing to pay. Realtors help Sellers determine value by doing a Comparative Market Analysis (CMA) on the home, using data from homes in the neighborhood that have recently sold. In short, the subject home is compared to the sold properties taking into consideration location, size and the various amenities that each home has. You can do a CMA on your home by gathering information on homes in your neighborhood that have recently sold and comparing those homes to your own home. That information is public record and can be gathered through the assessor's office. Many agents, such as myself, will provide you will a CMA on your home free of charge. Feel free to contact me for a free CMA or check out my website at http://www.CindyBreneman.com for more information on CMA's. You will find a short article about the CMA under "Buyer & Seller News."
0 votes Thank Flag Link Mon May 19, 2008
This depends on what the purpose is. For insurance purposes it may be one price, for tax purposes it may be a different price, even an appraisal may be a different price, but assuming you want to list your home for sale the best way to determine the price is to contact a real estate agent and ask for a CMA (Comparative Market Analysis).

A CMA takes in consideration many factors. The location of the house, the recently sold homes in the area that are a fair comparison to the property, the market conditions which are determined by looking at employment rates, interest rates, income rates, and home inventory, then the condition of the home is considered and of course adjusting for what amenities the home has.

The way you do not determine a home’s market value is by what you owe, how much you want to put in your pocket, or how much you have put into the house. Just because you spent $20,000 on an in-ground swimming pool doesn’t mean your house is worth $20,000 more.

I hope this answer is useful to you.
0 votes Thank Flag Link Mon May 19, 2008
Cathy,

Other than having a professional appraisal done, the best guidelines for determining value really depend on what is happening in your neighborhood. Assuming your neighborhood did not have a lot of foreclosures and short sales, the most recent sales are the best way to determine value.

Once you have a list of the most recent sales (less than 6 months oago) , you should look at how your home compares to the other homes which have sold. Compare square footage, amenities, updates, location within the neighborhood, lot size, garage size, etc.

If there are no available recent comps in your neighborhood, you will need to go outside of your neighborhood to find similar homes which offer a comparable value.

Paula Henry
0 votes Thank Flag Link Mon May 19, 2008
You should contact a real estate professional in your area and ask them to give you a market analysis of your home.
0 votes Thank Flag Link Mon May 19, 2008
Email me your home address and I will prepare a market analysis and mail/fax or email it to you. No strings attached. mariam@somervilleteam.com
0 votes Thank Flag Link Mon May 19, 2008
Send me an email with your address included and I will email/fax/mail a market analysis, no strings attached. mariam@somervilleteam.com
0 votes Thank Flag Link Mon May 19, 2008
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