If you are not currently working with a Realtor, please feel free to email me, I'd love to help you by preparing a CMA for you.
In case you have not already been bombarded sufficiently with the basic answer to your question, what you are looking for is a "CMA" (realtor lingo for "Comparative Market Analysis") report for your home. In this report, you will see sales / sales prices for homes that have sold in your area (the "same" area where your home sits) in the last 6 months. This should give you a good idea of what your home is worth in the current market.
If you do not have a real estate agent working with you yet to assist you, please don't hesitate to give us a call at 312.242.1000 - we have a number of agents who specialize in your area and who will be happy to get you this information for you asap.
Best of luck to you and thank you for posting your question!
I am sure there are a number of talented Realtors who can assist you with getting an indication of what the potential value of your property. Keep a couple things in mind, depending on what type of property you have, Single Family, Condo (although there are not many condos in Cicero), 2-4 Flat, or even mixed-use, you would want to connect with a Realtor who has knowledge of that type of asset. You also want to make sure that they know Cicero as there are differences in the varying neighborhoods which make up Cicero...not all of Cicero is priced the same!
Additionally, if you are looking to get a ballpark of the value of the property, a CMA (comparative market analysis) generated by a Realtor is a beneficial way to proceed.
If by chance you need the value of your property for the IRS, possibly due the loss of a loved one or even divorce, then a CMA will not suffice and you will need a certified appraisal.
One other thing to consider, you may ultimately find that it is in your best interest to get a certified appraisal first before speaking with a Realtor because an appraiser is compensated on a flat fee basis. Additionally, an appraiser can inform you of what buyers are actually paying right now and what a potential buyer would pay in this market based on current lender indicated guidelines....which can be quite different from marketing information that you may receive from a CMA.
Also, a Realtor is compensated on a percentage commission and therefore inherently experience a bias to gain your business for the benefit of achieving a 5 or 6 or even 7% listing fee. And there's nothing wrong with getting paid to sell a property, especially in this market, but be aware of one's motiviations.
In summary, a CMA should suffice unless there's more to the story.
PahRoo Appraisal & Consultancy
Sandro Gonzalez, ABR
KELLER WILLIAMS REALTY
Americorp Real Estate
Brokers Associate, e-PRO
What you need to do is have a list of items showing the changes that have been made to the house in the last ten years, if you have owned it that long. This will help the Appraiser or the Realtor in their valuation.
I strongly suggest that you make sure the home has curb appeal (which adds marketability as well as value) and declutter on the inside of the home prior to either the appraiser or the Realtor coming.
I hope this helps you as the two are totally different depending upon the type of request you need it for.
Barb Van Stensel
Third Generation in Real Estate
Keller Williams Lincoln Square
2156 W. Montrose
Chicago, IL 60618
Contact a Realtor in your area and ask them to do a Comparative Market Analysis (CMA) on your property using Sold comps within a 1 mile radius of your property (the closer, the better) that have sold within the last 3 months. They should be willing to do this with no charge and/or obligation - of course, they're hoping if you decide to sell your property, you will use them as your Listing Agent.
I can prepare a comparative market analysis that will help you to determine fair market value. It's at no charge to you, simply call or email me with your specifications. Preferably call me so that I may guide you with what I will need in order to give you a more accurate analysis.
Talk to you soon.
My name is Raven, if you would like a comparative market analyisis of your proprerty please let me know. If you need a formal appraisal of your property please let me know I can refer you.