Property Q&A in Miami>Question Details

Deborah Bill…, Home Buyer in 33178

How do I find out the Market Value of a home?

Asked by Deborah Billings, 33178 Fri Jan 23, 2009

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Andre has it right- what you need is a CMA or BPO

Most good Realtors can do this for you.
2 votes Thank Flag Link Fri Jan 23, 2009
Deborah, in most locations, most realtors would be more than happy to provide you with a free comparative market analysis. This will show you what has sold in the last six months in the neighborhood you are interesed in. This is a service that will cost you nothing--actually, as a buyer, you pay nothing for the services of a realtor--the seller pays the commission fee. Ask a few people who they would recommend, but remember a few rules in comparative market analysis:

1. It is NOT an appraisal.
2. It must be done on property in the same neighborhood
3. The properties used should mirror the qualities of the house you are looking at in age, location, setting, square footage, and improvements. In our area, a pool might add 10,000-15,000 to the value of a home for value, but may very well not affect the saleability of a property--some people don't want pools.

Do not look at the tax records to see what the value is, since this information can be extremely misleading--you can't see all the facts on a tax record, such as improvements unless they had to apply for a building permit to do the work, which frequently is not the case.

Good luck, and, to protect yourself, use a professional realtor!

Myke Triebold
1 vote Thank Flag Link Fri Jan 23, 2009
John says:

"Andre has it right- what you need is a CMA or BPO

Most good Realtors can do this for you."

Or you can just look it up for free and save 3% by not using a Realtor.

On a $300k condo you are going to pay them $9,000 just to have the "honor" of buying and paying HOA fees.

Great deal.

Wait. Rent. Save. Watch prices go down.
0 votes Thank Flag Link Mon Mar 9, 2009
Yes, you can look at all the local comps provided by your Realtor, but the value in the home is determined by you, the Buyer and the bank that will finance your home. The seller may or may not agree with your conclusion, but certainly may be open to offers considering that they may be few and far between. Market Value is based on the comps, but adjustments are being made by appraisers tor efelect the depreciation that most markets are experiencing. Real Estate is local, but keep in mind that many markets are loosing 1/2% of value per month.
0 votes Thank Flag Link Fri Jan 23, 2009
Hello Deborah,
I'll be more than happy to sit down with you and show you the latest comparables.
Please feel free and contact me direclty,
Best regards,
0 votes Thank Flag Link Fri Jan 23, 2009
Hello Deborah,

Thank you for your inquiry. There are many ways to find out the market value of a home. One of the most sufficient is to obtain an appraisal. However you can also contact a local Realtor who is familar with the area to ask if they would be willing to perform a Broker's Price Opinion or Comparable Market Analysis for you.

Good Luck!

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0 votes Thank Flag Link Fri Jan 23, 2009
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