I tend to disagree with agents that pish posh zillow estimates and numbers. Zillow has a complex algorthym to determine cost per square foot by neighborhood geopgraphy and sales trend data. In an up market the zestimates lagged, in this down market the numbers are pretty spot on. Values have dropped 20-35% over the last 3 years across the metro Chicago market and $95k is in line with that range. The question is when did you pay $120k, if in 2000 you can probably break even, if 2005 not likely. You do need to get agent CMA for sure and project a net proceeds from sale.
An accurate comparative market analysis for your home would better answer that questions along with the amount that you currently owe and your financials. Your best bet would be to find a Realtor that you would like to work with. Ask friends and family members for their referral or choose one here that has answered your question honestly. An agent will be able to, upon seeing your home, compare it with those others you've mentioned in the neighborhood and give you their best opinion of list price. Just because there are short sales and foreclosures in your area, doesn't mean that you have to give you home away. Good luck to you ~ feel free to contact me directly should you have any other questions or concerns.
Linda Dressler, RealtorÂ®
SRES, SFR, ADPR
'Helping From The Heart'
Zillow is not very accurate. You should speak to a realtor to get an idea of how much you may be able to sell your home for. Keep in mind, you'll probably need money for a down payment on your new home, as well. Make sure you factor the down payment & closing costs of the new home into the equation when determining how much profit you need to make from the sale of your existing home. A lender & a realtor should be able to help you with that.
Hire a professional home stager to do a comprehensive home staging consultation. They'll walk through your home with you and tell you what you can do to make your home look as nice as possible so it appeals to the greatest number of buyers. Depending on where you live, a consultation usually costs $150-$350. Some stagers will also prepare a written report for you as well.