Home Selling in Rockwall>Question Details

Angel Gloria, Home Seller in 611 s fannin rockwall...

how do u find out whats the value of a property?

Asked by Angel Gloria, 611 s fannin rockwall,tx Sat Jul 14, 2007

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14
Compare, compare, compare and look at the trends in the area that you are focusing on. As a real estate agent, I carefully conduct a full market analysis of recently sold properties as well as current listings. You must take into consideration square footage, neighborhood, number of baths, bedrooms, acreage and the like. Always compare apples to apples.
1 vote Thank Flag Link Sun Jul 15, 2007
I like to come see what improvements are in the home as well as I will pick you up and show you our active competition so you can choose a great listing price. Most of my listings sell in the first 30 days if listed right.
0 votes Thank Flag Link Wed Apr 6, 2011
I take the area, preferably the same subdivision, to find my comps and compare square footage, amenities such as pool, hardwood flooring, granite, etc. Trying to omit foreclosures as much as possible. These properties must had been sold within the last 3-4 months. Appraisers don't usually go back any further than 6 months. So if you figure on time to close, these comps should still be good. Continue to check and update your comps regularly, you'd be surprised how many homes still need price adjustments.
0 votes Thank Flag Link Wed Feb 23, 2011
Angel,

When you say "value" do you mean what it is worth to the tax assessor? If so, visit the assessor's office and ask how they arrived at the assessed value.

If you mean "market value", ask a realtor who specializes in your area to do a Comparative Market Analysis(CMA). There is no cost involved. If you need to know the value for bankruptcy, divorce, etc; hire a professional appraiser as very often the other party will not accept a Realtor's CMA.
0 votes Thank Flag Link Tue Aug 5, 2008
Angel: I see that this property is close to City Hall. Can it go commercial? If so, it could be worth quite a bit more than what is on the tax rolls. I'd be happy to meet with you and explore the possibilities.
Web Reference: http://realnetrealty.net
0 votes Thank Flag Link Tue Aug 5, 2008
You have a rough estimate from the tax appraisal district. This can off from the true mark by only a few percent or by more, since tax appraisers do not go inside a home to view what improvements you have made. They do use the same principles as appraisers you pay for.
When a buyer tries to get a mortgage loan, his lender will send a paid appraiser to evaluate the inside as well as the outside like the tax appraiser. So, his answer will be different.
A few websites offer to show you the estimated value of your property on-line, but be skeptical of these, since they are based solely on mortgage data and tax appraisals.
A Realtor can give you an estimate similar to what the paid appraiser will do. We call these CMAs. These are also based primarily on sales data, modified to take into account the interior amenities and condition.
If you would like links to any of these sources on the web, just send me a message.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Tue Aug 5, 2008
The best way to find out the value of any property is to contact a Real Estate Appraiser. An appraiser is licensed by the state in which they conduct business to perform valuations of real estate. They provide an independant unbiased opinion without any direct or indirect interest in the outcome of any transaction (ie. commissions). Anyone else who does not posess a state issued license to perform appraisals of real estate, will only provide you with what they think you want to hear (ie. CMA, BPO) to get the listing, or what they think you should sell or purchase a property for.
0 votes Thank Flag Link Sat Mar 22, 2008
Another good way is to have a Realtor send you a market analysis and then be real with it. You must price your home to sell in this market. Say you want 150,000 for it and you price it at 170,000, because you want 'negotiating' room, well in this market you dont have to negotiate, you price it at what you want and dont negotiate. In the long run you will lower the price to 150,000 and waste months of time you could have sold it and moved. Also if you are buying a home, remember you will be getting that home also at a lower rate too, they had to sell it for a lower price in this market also! Let me know if you need any help, free, no pressure, I can send you some great information........or just check out my website.
0 votes Thank Flag Link Sat Mar 22, 2008
Were you able to get the answer to your question? I am located just accross the lake from you and will be happy to give you a market analysis. Call me if you want at 214-289-8555
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Wed Nov 14, 2007
ASK A LICENSED, TRAINED REALTOR to do a Comparitive Market Analysis for you. You can also hire an appraiser to give you an Appraisal.
0 votes Thank Flag Link Sun Jul 15, 2007
The best way is to consult a licensed Realtor in your area. They can give you a Comparative Market Analysis (CMA) based on the market in your area. This is accomplished by comparing the square footage, and features of the property to those around it. Things such as lot size, number of bedrooms, baths, and garage sizes all play into this analysis. Thats why you should consult a Realtor to assist you in this.
0 votes Thank Flag Link Sun Jul 15, 2007
Angel, it is extremely important to look at surrounding homes that have sold and compare square footage and amenities. Though you must look at many factors when valueing a home price per square foot is one of the largest. Agents typically use the central appraisal districts figures for square footage if they don't have builder plans or an appraisal for the property. TaxNetUSA will have the information under Williamson County and also, what your taxable value is. Do not confuse that with market value, though many times it is similar.

The best way is to talk to an agent that knows your market.

Good luck!

Chris Tesch
RE/MAX Bryan-College Station
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Sat Jul 14, 2007
Value is in the eye of the beholder - or is that beauty? For a home seller, look at similar homes that have sold and deduct or add for beds, baths, square feet, condition, relative age, lot size. For a buyer do the same and pay attention to what recent trends are - is it a sellers market, a buyers market? The lender will get an appraisal done, which is perhaps a non-biased view at the value. The appraiser will take 3 approaches - market, replacement and perhaps an investment approach. True value, as stated before, is more than a buyer wants to pay and less than a seller wants to sell for - consumating in a purchase contract.
0 votes Thank Flag Link Sat Jul 14, 2007
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
MVP'08
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A good CMA (Comparative Market Analysis) of your home will be needed.

You can use home valuation websites, however I will only use to get an idea of price.

Market value will be affected by square footage, # of bedrooms, # of bathrooms, location, amenities, etc....

I will be happy to get you in contact with a professional Realtor who is an expert in your community.
0 votes Thank Flag Link Sat Jul 14, 2007
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
MVP'08
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