How can find the market value of house?

Asked by Ananth, 1420 breckenridge dr,little rock,ar Fri Jul 13, 2007

I saw one house for sale but how we can decide the price reasonable or how we can bargain the price let me know

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12
Ben Evers, , San Diego, CA
Fri Jul 13, 2007
BEST ANSWER
Ask a local Realtor! That's what they do all day long. They have the tools and experience. If you are a buyer there should be no additional charge to you for this. Expect the agent to want to represent you in the transaction. Contact me for guidelines as to choosing an agent.
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Feb 22, 2013
Can we all meet and advise him SIX YEARS AGO?
1 vote
Connie Fitzg…, Agent, Mechanicsville, MD
Fri Feb 22, 2013
You will want to speak with a local agent who can advise you on what to offer. Ask around and see what local real estate agent comes recommended in your area and ask him/her to offer you a free Competitive Market Analysis (CMA) so that you can receive educated advice and information regarding the local market value of any particular property :) Best of luck!
1 vote
Don Bush Team, , Columbus, OH
Sat Jul 14, 2007
CALL A REALTOR. ONLINE SERVICES THAT ARE 'AUTOMATIC' ARE NOT ACCURATE.
1 vote
UnKnown, , Alaska
Sat Jul 14, 2007
One of the best things I have learned since becoming a Realtor is the inaccuracy of online services! The public can't be trusted to enter correct information. Would you really want your neighbor knowing that you paid 130,000 for the 155,000 home? Probably not.

Public record is the way to go. In Arkansas you can find some public record information online at ARCountyData.com or your county's website.
It is important to look for homes similar to yours (sq footage, age, area, condition, floorplan) that have sold in the past 6 - 9 months with in 1 to 2 miles of your home. Or better yet, in your same subdivision.
I usually don't go less than 6 to 9 SOLD properties if they are available.
Also, it is important to find out what properties were on the market that have expired or been withdrawn. This info can show you a very important ceiling in your pricing model.
Also, find out the average Days On Market or (DOM) in your neighborhood/area. If your average is 120 days, then that means that homes that have sold in less time must have also offered good terms to the buyer (i.e. paying closing cost, giving them all the appliances & so on).

Valuating your own property is tough to do. They say most homes that are SOLD through "For Sale By Owner" are initially valued 10 - 30% higher than the actual market value & wind up selling for 25% less than actual market value of those homes comparatively sold by a Realtor.

It is probably a good idea to contact a realtor. Many offer FREE home evaluations (I do), but be sure to pick a good one. A lazy realtor will give you no more data than you could have collected on your own.

One of the things I do for my clients is visit the homes in the area that have recently been sold so that I can make more accurate adjustments to the home values based on what is in them & I find out the TERMS of the contracts if they allow.
That is our JOB & I take great pride in collected this data!

Good luck!
Web Reference:  http://www.nwaray.com
1 vote
Brandon Moff…, Agent, Little Rock, AR
Fri Feb 22, 2013
ARCountydata.com is probably the best and most cost-effective (free) source for sales data in a neighborhood. You should be able to find a good idea of market value of homes there.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Sep 25, 2008
Ananth,

As previously mentioned, contact a real estate professional to access the information you require.
0 votes
Jonathan Vick, Home Buyer, Little Rock, AR
Thu Sep 25, 2008
Hey Ananth,

Ray gives a good answer to your question. My full time profession is renovating and reselling homes. In my business, I have to know all the comps before making a costly investment. ARCountydata.com is a great source for appraised values, all previous sold prices and a more accurate description of the homes square footage. Any good agent will easily be able to run the comparables to give you a true picture of what is going on in your desired area/location. I only run comps for the last 3 months because of the current housing market and look specifically at the original list price and actual sold price.

Also, you might want to plug in your property at a very useful site Zillow.com that will be able to show you many sold properties in your neighborhood and estimated value. Hope this helps and good luck out there!
Web Reference:  http://www.zillow.com
0 votes
Jennifer Mon…, Agent, Charlotte, NC
Sat Jul 14, 2007
Ben says it best - it's what we do all day long. When I have a buyer seriously considering making a purchase, I do a complete comparative market analysis on that house (if not in a bidding situation) to be certain we are offering a fair price, and not a penny more. In most cases, I know the area so well, I may already know how it compares.

This is a question I always pose to unrepresented buyers and sellers: How do you know what this house is worth? Are you sure?

If you're a buyer, not using a Realtor is just crazy! After all, there is no cost to you and you need someone who can negotiate more than just the price for you. You need PROTECTION!!
0 votes
Jon Sterling, , Aspen, CO
Sat Jul 14, 2007
You have some great advice here. You can always pay for an appraisal, in addition to the suggestions below. Keep in mind that if you get three appraisals, you'll probably get three different numbers. Asking a good Realtor in your area is probably the quickest and cheapest route. Good luck!
0 votes
Stan Mikhals…, , 33160
Fri Jul 13, 2007
I am being an agent using a http://www.cyberhomes.com -- it is a great resource for home evaluation. Tried that and let me know.
0 votes
Deborah Madey, Agent, Brick, NJ
Fri Jul 13, 2007
At some point, here on Trulia or somewhere in your discussions, someone might mention Zillow to you. I suggest that you not make any purchase or sale decisions predicated upon Zestimates set by Zillow. Zillow can be a fun place for people to surf and it can make for water cooler chat. But, don't rely upon this as a source for making decisions. Zillow would provide you the same advice.

You mention that you saw a house for sale. Was this listed with a Realtor? Or was this listed for sale by a current homeowner? Even owners who sell without a Realtor will often cooperate with broker commissions for the buyer's agent.

A Realtor can help you with evaluate pricing issues by a review of the comparable sales of recently closed sales, those properties currently under contract, and similar properties offered for sale. A Realtor will help you obtain the data, and also help you interpret it.

Good Luck
Deborah Madey - Broker
Peninsula Realty Group, Inc.
Web Reference:  http://PeninsulaFirst.com
0 votes
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