Home Selling in Michigan>Question Details

Stacy, Home Seller in Michigan

I would like to put my house up for sale but it was recently valued (not appraised) at $50,000 less than I

Asked by Stacy, Michigan Tue Apr 22, 2008

owe. I don't think the valuation is correct. Where can I get an honest valuation of my house?

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9
Stacy, I have to be the contrarian here. I really like that you are trying to prevent committing the number TWO mistake made in a real esate transaction. Please take some time to read the other 24 top mistakes made in a real estate transaction. (source HTGV top 25 real esate mistakes.)

http://www.hgtv.com/hgtv/real_estate/article/0,3120,HGTV_273…

Depending upon where you live in Michigan, this may not be the time to sell your home. Will you be purchasing a larger or more expensive home? Will you be moving to an area where home values are rapidly increasing? Are you in danger of loosing your home to foreclosure? If the answer to these questions is No, then I would really think hard about selling in this market.

If the answer is yes to any of these questions, then David is absolutely correct. Pay the 300 to 500 dollars and get a "not for refinance" appraisal for your home. I know this is not what you want to hear, but it is what you need to hear in this market.

Any of the agents from Michigan below would gladly give you an honest opinion of the value of your home. Unfortunately, I doubt that you would pay attention to their advice.
Web Reference: http://mi-living.com
1 vote Thank Flag Link Tue Apr 22, 2008
You should check with your local city and county government for the correct numbers. Also get an agent to pull up area sales and from that you can see where sales have moved if any in your area to determine, if you still want to sell your home, the appropriate price to get it sold.
Web Reference: http://www.lizindetroit.com
1 vote Thank Flag Link Tue Apr 22, 2008
If you are looking for a quick valuation online you may want to go to http://www.zillow.com. Please keep in mind that these online home prices are not always accurate and to get a true value contact a reputable appraiser (one that has seen the market ups and downs) or a real estate professional in your area. Ask the real estate professional to do a complete Comparative Market Analysis (CMA) and ask him or her to also do a CMA it based squarefootage. This should give you a couple of different ways to help determine your homes true market value. Good Luck!
Web Reference: http://www.jasonkingery.com
1 vote Thank Flag Link Tue Apr 22, 2008
Hi Stacy -

The best bet is to have an agent (or 2) prepare a Comparative Market Analysis. The report will show you the recent sales prices of home similar to yours, in your same market. I am assuming you are talking about your assessed value from the township/city. Those are calculated with generic figures, not specific information pertaining to your home. A CMA will make adjustments and take into account your home's features. Your home is really worth what a buyer is willing to pay - and that can be estimated by the amount other buyers have paid for the similar homes. Good luck! Please feel free to contact me with any specific questions.

Nicole Sleeva
nsleeva@cbpreferred.com
Web Reference: http://www.NicoleSleeva.com
1 vote Thank Flag Link Tue Apr 22, 2008
I agree with Harold ... get 2 more opinions and go from there. It is a daunting thought to have your home value come in that much lower, but not entirely out of the realm of possibilities. I'm not sure where you're located, but I'd be more than happy to help if I can.
1 vote Thank Flag Link Tue Apr 22, 2008
Contact an appraiser in your area for an appraisal to determine the actual fair market value. The only value an agent can provide is a suggested selling or purchase price. They cannot provide a market value or value range unless they have an active appraiser license issued by the state which very few do.
1 vote Thank Flag Link Tue Apr 22, 2008
Stacy: A home is worth what a buyer is willing to pay and a seller is willing to accept on any given day. Do not pay an appraiser. Instead you should ask 2 - 3 experienced licensed realtors for a free market analysis, or price opinion, showing an estimated value of your home. Most agents will do their best to give you a realistic sale price in the current market. Remember, that agents may NOT be paid for this service, it is free to you.
0 votes Thank Flag Link Fri May 2, 2008
Hi Stacy, when you say valuation,do you mean a Market Analysis by a Realtor. If that is what you are speaking of then your next step would be to contact an appraiser. However, Realtors and Appraisers all look at the exact same data.
If your "valuation" was not done from an actively listing agent then google Realtors in your city and meet with 3 of them and see. If they all come within 5% of each other then I would think it is accurate.
0 votes Thank Flag Link Tue Apr 22, 2008
Find two sales people in your area who have a lot of houses listed for sale. Get them to do a competitive market analysis.
0 votes Thank Flag Link Tue Apr 22, 2008
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