Market Conditions in 07726>Question Details

Edward Blaes, Other/Just Looking in Manalapan, NJ

how do you find out what your house is worth or what it would appraise for?

Asked by Edward Blaes, Manalapan, NJ Mon Nov 5, 2007

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9
I agree that only an appraiser can provide an appraisal. Realtors cannot do appraisals. But, if a homeowner wants to know what the estimated market value of his home is, a CMA will meet that requirement.
2 votes Thank Flag Link Thu Jun 5, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Hi Edward. Ken had a good answer. The only thing I would add to that is that you may want to get several REALTORS to do a CMA for you because they may all be different. Ask the agent to tell you how they arrived at the price.

Here in TN, I look at properties that have sold within a half mile within the last 6 months. Also, I check out what is currently available and what is under contract and how long they have been on the market and how many reductions they have had. All these factors will play a part in what your house is worth. Your house is worth what a ready and willing buyer is going to pay for it--and by checking the last 6 months of sales, pending contracts, and active listings, a local REALTOR will be able to give you a good ball park figure. I hope that helps.
Adelina Rotar
Web Reference: http://www.RotarTeam.com
2 votes Thank Flag Link Mon Nov 5, 2007
Hello Edward,

Cindi is right, those would be your best options. Try to steer clear from Zillow.com as most of us have found it to be inaccurate at times. You would probably want to obtain a market analysis from atleast 2 Realtors and look them both over carefully.

Good Luck,
Ken Herrera
Century 21 Infinity
http://www.c21infinty.com
Web Reference: http://www.wecashflow.com
2 votes Thank Flag Link Mon Nov 5, 2007
Get an agent to do a CMA (comparative market analysis) from a local Realtor. The CMA will give you comps in the area which will compare like properties and houses to arrive at a number for you. Is this perfect? No. but it is the same way an appraiser will do it.

I have many appraisers come in and ask for my comps within a 1 mile area.. and then they look at the house and arrive at a number, they often even ask for access to our office to ustilize the MLS to do so.

Find a good Realtor, be honest and tell them you are testing the waters for what ever your reason may be looking for the number for your home.

Where are you located? Maybe I can help.


John Sacktig
Broker / Sales Associate
Coldwell Banker
732-213-1409 - direct
Web Reference: http://www.johnsacktig.com
1 vote Thank Flag Link Mon Nov 5, 2007
A local Realytor can help with a free competitive market analysis. If you are looking to refi, your lender will order an appraisal for you. You can also contact a local appraiser (just google appraisers in your area) and they can set one up. IN Northern CA they cost about $600.
Web Reference: http://www.cindihagley.com
1 vote Thank Flag Link Mon Nov 5, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
I respectfully disagree with all the responses so far. The question of what is it worth depends on why you are asking for the value. If it is for a loan or a refinance, all the Realtor CMA's are worthless. They are wonderful to give you a range of value and ways to anticipate what it might sell for and how long it make take to sell, but must Realtors are not "Appraisers' so our opinions are just that!

The only way to find out what it will appraise for it to actually pay for the appraisal and have it done by the person licensed to give you what you asked for "What will it appraise for?" Keep in mind that even two appraisers may be 10% off on their valuation since no two homes are identical and there is some subjectivity to their answers.
0 votes Thank Flag Link Thu Jun 5, 2008
0 votes Thank Flag Link Thu Jun 5, 2008
Sure but lots of Realtors are 'afraid' of zillow and the like because they fear it treads on our sacred turf. If you've used it lately, you'd see that the figures you get from it are pretty darn good! And it's easy to use and free. So what's the harm?
0 votes Thank Flag Link Mon Nov 5, 2007
Most real estate in New Jersey is listed on the MLS so it would be very simple for a Realtor familiar with your area to pull come comps for you for free. Just give a call or stop in a local realty office and ask to speak with the broker about your request. I'm sure they would be happy to help. OR - you can go to zillow.com and get a zestimate. Just put in your address!
0 votes Thank Flag Link Mon Nov 5, 2007
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