Roberft Musc…, Home Buyer in Albuquerque, NM

what is my house worth. I dont want to sell yet

Asked by Roberft Muschat, Albuquerque, NM Thu Dec 13, 2007

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10
C. Lloyd McKenzie’s answer
Good to see these questions being asked in this forum. I would heed the cautions given thus far. Local Realtors like myself do provide Comparative Market Analysis (CMA) free of charge. But you always have the option of hiring an appraiser.

Consider the fact that Albuquerque homes have held their values throughout the current crisis. However, as the crisis continues, should the foreclosure numbers increase to the magnitude of say Colorado Springs, Florida, California, it will definitely depress our market.

Regardless of the current market condition, if you are not selling and you do not have one of those exotic mortgage that will reset, then I would say, don't worry about the value at this point in time.

Thanks for asking the question!
0 votes Thank Flag Link Sat Jul 5, 2008
Call in a realtor, a working realtor.

Get a good mix of who is around you.. donot sig the first , last or third contract in the door... interview the three and make a descision after reviewing each one.. never sign a contract put in your face on the same night as the presentation. too easy to make the fatal mistake if using the wrong realtor.

big descision, like every other big descision, think about what you are doing.
0 votes Thank Flag Link Tue Dec 18, 2007
I echo the caution about online estimators. For example, regarding the ones mentioned in the answers below, the wachovia tool is way off for Albuquerque. I tried it on 3 of my own homes and none of the tool response ranges even captured any of my values. In fact, the midpoint on all 3 value ranges was about 50% low for each of my houses - all in different areas and price ranges! For getmyhomesvalue.com, they require contact info, so that they can sell your info as a lead to a realtor - just click on their small link at the bottom of their homepage to see how they plan to sell your personal contact info! Assessing an accurate and current market value is one of the most valuable services a real estate professional can provide. Ask 2 or 3 local agents to provide a value to you and ask them how they arrived at that value. WIthout a lot of detail, you can compare $/sqft to similar homes of similar size, features, and upgrades that have recently sold. However, there are seasonal and market trends that may affect you even within just a few short months, which professional keeps on top of and can surely take into account for you. If you just want a quick online tool, try zillow.com, which has been getting more and more accurate as they add data and tweak algorithms. It is completely free and does not require any personal information; however, it still lacks the ability to know subtly differences between areas. It is generally pretty accurate, but I have still recenty seen it be off by up to 20%. Contacting an agent also costs you nothing and gets you lots more valuable information. Best of luck to you!
0 votes Thank Flag Link Mon Dec 17, 2007
Be careful of the online estimaters. Many are new tools that have yet to be perfected. However, it sounds like Wachovia is doing a good job from the posts below . . . going to give it a try myself.

Two other points:
(1) A realtor is going to give u the most accurate right down to your neighborhood. Get estimates from 3 different realtors

(2) Keep in mind that values change. What your house is worth today may change up or down a year from now.

Good Luck!
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Dec 16, 2007
I get requests like yours all the time - usually from people who want to decide whether they should sell. I conduct an informal comparative market analysis (CMA) for them based on information the provide about their home over the phone. A more accurate analysis involves a home visit and first-hand inspection. Even identical homes can be quite different with respect to their buyer appeal.
0 votes Thank Flag Link Sun Dec 16, 2007
I used the Wachovia Bank value estimator and I think it was fairly decent. It gave me a range of about 20% with the actual value being 5% from the top end. So not bad. At least it will give you a decent number. I would not price a listing just off this of course! But a nice tool nonetheless.
0 votes Thank Flag Link Thu Dec 13, 2007
Robert - no sense getting a Market Analysis until you are ready to sell. The data changes monthly and appraisers only look for comparable sales that are closest to the time of your sale.

When you are ready to sell, your agent will check the features and condition of your home and compare those to other sales in the area. That is how you will arrive at a market price for your home.
0 votes Thank Flag Link Thu Dec 13, 2007
You can also check out http://www.getmyhomesvalue.com. I would recommend going ahead and asking a Realtor for a market analysis of your property, most Realtors do this as a free service, I do them all the time. Call Sandi Pressley at 505.263.2173, she'll be able to help you out.
0 votes Thank Flag Link Thu Dec 13, 2007
While i would say get an agent you like, or are referred to and get thier opion, you can also just hire an apprasier. That would cost you about 300-400 dollars.
Web Reference: http://www.altadenver.com
0 votes Thank Flag Link Thu Dec 13, 2007
Still find a realtor to help you...and keep their name for later.
0 votes Thank Flag Link Thu Dec 13, 2007
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