Home Selling in Keizer>Question Details

Willamette, Home Owner in 97303

how is the best way to get a home value? im told estimates are all over the board from home appraisers

Asked by Willamette, 97303 Sun Apr 10, 2011

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I'm an investor. The main thing is to know what you can afford/finance (why look at stuff you cant afford). And then form in your mind what you REALLY can afford. Then what you want a house for, for how long and what amenities you MUST have (garage, deck and a really workable kitchen or bath etc. Once you get that all WRITTEN down then...
If you are buying you can do your own due dilligence by getting comps in the area. Easy start is google the address, find the zillow one and scroll to bottom and look for yellow houses. Those are sold in the last 3 years so only consider ones sold recently (late 2011 or 2012) as prices have dropped considerably. If you are thinking of selling (and not forced to sell), do the same and compare what you might get as something is only worth what someone will pay (I once made an open offer and 2 years later the owner sold it to me for what I offered! Have one in Salem, offer now almost a year old and they just called!) Banks do not know what they are worth and give to appraisers who do their best (about same as you can do!) Realtors are of little value if you are selling as they will say anything to get the listing... they collect when it sells with potentially no work required! IF you have a close friend, very close, they may be honest! I have a realtor whom I have trained to be completely forthright and honest or I'll walk. I trust him now after buying almost a million dollars in the last 16 months. He knows I'll walk as I did once. Not likely for an individual walking in the door!
You should be able to find out from a realtor a list of comps in the area.. force them to give you a list of solds as well as listed. The listed should have days on market which the longer it is the more flexable the price MAY be. They also might have previous sale history, if not in Salem area look at googled at the Redfin listing and scroll down to see the sales history. I have bough all of my properties at about 1996-1999 prices. That is only rough tho as some houses are waaay rough and some are beautiful.
It isnt magic and you can do a pretty good job if you work at it. Also there is nothing wrong if buying offering at a low price (not rediculously low or can offend and never get a deal), it may get a counter offer (you need to KNOW what you would pay for it). Maybe if lucky, they will counter less than what you want to pay! Yahoooo Dont pay more than you can afford though.
I think Salem area is near a bottom an has SOME good values (reason why I am on computer now) I live in Hawaii and have bout 3-4 of the properties I have bought sight unseen (not a good idea usually).
Goodluck and Aloha,
0 votes Thank Flag Link Thu Jun 14, 2012
Guess it's time an appraiser answers this question, get a local experienced appraiser to give you a true value. We don't sell the homes, so we are not bias by getting a commission, so we don't give you a number we think you want, we do refinance appraisals on the most part and we are not given a number, few of us get to do purchase appraisal, and no we do not verify the amount on the contract. As you are in Salem, but your zip code, not sure what you want it for, if your getting a loan the lender must order the appraisal thru a appraisal management company, and we get no number to hit, and if we are truly appraising and not just rushing to give an AMC a turn time they demand, you will get a true value, and yes. You get 3 appraisal, you may get 3 different numbers as it's an opinion of value, but you would get three numbers from 3 agents, depending on their feeling on how they can get you to list with them.

Best to you all, as I'm sure this will start a fire storm of comments from agents on this site, as they feel they are the only ones that know what the price is of a property.

HLR an appraiser with 36 years following the industry, with my appraisal experience. In two states. Living in Keizer for for 10 years, and grow up here in the Willamette Valley.
0 votes Thank Flag Link Sun Apr 10, 2011
It is amazing that the value of a home is not the value to everyone. Assessors see your home as worth so much more than a lender or an appraiser. A buyer even sees it differently. The best answer I can give you at this point is to have your realtor pull other homes that may be close in proximity and/or comparable to yours to see what value they come up with. Appraisers do about the same thing - but they use all solds not just what is in our mls. I hope that helps!
0 votes Thank Flag Link Sun Apr 10, 2011
Hello Willamette,
The answers provided by the previous agents are all good answers. Not sure what you reason is for wanting an estimate, but try contacting a home appraiser and ask for a discount. I've had appraisers reduced the price of there normal asking price, if it is just for personal use and not for a loan. I would also suggest visiting homes for sale in your neighborhood. This way you will get a better understanding of home values around your area and why they are priced a certain why.

Chris
0 votes Thank Flag Link Sun Apr 10, 2011
Hi Williamette

The best way is to call some Realtors doing business in and around your home get some
Figures and that will give you an answer.

However, valuations are different for if you are seeking Property tax relief, or if you are looking to
Refinance.

Good luck.
Perry

http://www.ruthandperry.com
0 votes Thank Flag Link Sun Apr 10, 2011
All previous answers are good, but the final proof of a home's worth is what an informed and qualified buyer will pay for it.
0 votes Thank Flag Link Sun Apr 10, 2011
I have always said if you get 3 appraisals you will get three different numbers, but people think appraisals are some sort of weird science that comes up with one correct number, and that just is not true. When you sell a house and the bank gets an appraisal, the appraiser knows the contract amount and they are just verifying the amount being loaned by the bank. The appraisal is to insure, to the bank, the house is worth what is being paid and so they value it at something pretty close to the price on the contract since they don't want to stick their necks out too far if they don't have to. They see the price paid, they have a goal, they see if they can justify the price with comps. Those are easier than if you called three appraisers and asked each to give you the value of your home - that day. Those three numbers would be all over if comps are hard to come by in your area. The less comps to use, the harder and more varied will be the appraisals because the appraisers have to use comps that are not as good and then increase or decrease the values to match your house.
0 votes Thank Flag Link Sun Apr 10, 2011
It really depends on what you are getting the value for. If you are getting a loan your loan officer should have a way to give you a solid starting point (I look at the recent sales in the neighborhood that are similar to my client's home) but in the end the appraiser is chosen at random.

If you are looking to sell a Realtor should be able to give you a realistice place to start. (I would talk to three)

If you are looking to lower your taxes and you're getting a private apprasial tell the appraiser what you're trying to do and you might get lucky when they come in at the low end of the range.

Good luch nad if I can help furhter just let me know
Web Reference: http://www.jeffnunley.com
0 votes Thank Flag Link Sun Apr 10, 2011
what is the purpose of your wanting to get your home value estimated?

If you want to have your property tax reassessed, then you may want the lowest price possible, Your local realtor can help you.
If you want to haver your property sold, then you'd want to most recent and most comparable sales in your area. Again, your local realtor can help you.

Are you trying to refinance? Then your lender will engage an appraiser for that purpose.

Who's telling you that estimates are "all over the board from home appraisers?" That may be true since there are all kinds of homes and they will all have different valuations, hence "all over the board".....

But for similar homes, in similar conditions, in the same area -- the valuations/estimates should be quite close when you use your realtor or a professional appraiser.
0 votes Thank Flag Link Sun Apr 10, 2011
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