The smart aleck answer is that it's worth what someone is willing to pay for it - and that actually is accurate. I'm an appraiser as well as broker and despite the overall sag in the entire national situation, it's not practical to use national data sources like Case Shiller or Zillow. While good at painting the broadest of pictures they cannot be considered reliable in the micro markets.
SMART data (a program that we use for appraisals) is reliable. But...like any good group of statistical data, it's how you apply it and interpret it. I ran your "neighborhood" not just the community - that section east of 400, south to the river, west to about Steeplechase and south of Old Alabama. We want to get a feel for the area and trends in it. What we see:
07/06 to current (-8%)
07/07 to current (-20%) - 07/07 was the high point median sale for the period
07/08 to current (-3%)
Now, the lowest point on the chart is 01/09 but from then to now we see an increse of 8.49%.
Even with the ability to narrow areas and cut the data, it's going to boil down to a good study of the comps and how they compare to your home. The above data is not required in appraisals (effective 04/09) as the industry recognizes that national data isn't accurate enough.
You have a few comps in the community, including the one under contract right in the immediate area. The range of value for similar homes is around 160-225 with most in the 200 area. The wild cards will be conditon and appeal but that should give you a rough idea.
Drop me a line if you'd like a more detailed opinion.
Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
It's always changing and without specific details it is hard to give an accurate answer.
On Market Beds Baths Age List Price
Averages= 4 2.5 1977 $262,111
This includes homes with and without basements.
Jolie Abreu, RealtorÂ®
Keller Williams Realty Consultants
(678) 894-4409 Direct
(404) 704-0284 Fax