How do I find my home market value?

Asked by Elizabeth Smith, Little Rock, AR Sun Feb 24, 2013

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Scott Deaton, Agent, North Little Rock, AR
Mon Feb 25, 2013
Good morning, Elizabeth.

If you are wanting an accurate number for the 'most likely sales price' for your home, then a local REALTOR, like myself, can conduct the Market Analysis to look at the features of your home compared to those similiar 'sold' homes in your neighborhood and area. Online sources are not accurate.

It is very important that we get an accurate representation of your home and its features such as size, acreage if any, age, number of bedrooms, number of bathrooms, etc, as the features and the condition of your home compared to the features and condition of the homes in your area will give us an accurate 'history' of what today's buyers would be willing to pay for your home in today's market. I use the same historical data that an appraiser will use. If you are needing an official appraisal to be conducted, such as for obtaining a home equity line of credit, then your bank/lender is going to require an official appraisal from a licensed appraiser. I would be glad to conduct the market analysis, or I have appraiser references that I can provide as well.

If you are looking to sell your home, it is important to not only look at the recent market analysis, but to also have an agent with an extensive marketing program that will increase the exposure, and demand, for your home. Selling a home for the highest possible sales price is a combination of the correct pricing strategy and extensive marketing system.

REALTORS are a dime a dozen, but we aren't all created equal. When selling a home be sure to check an agents 'Key Performance Indicators' such as list price to sales price ratio, days on market, average sales price, % of listings actually sold, etc. As an example, because of my exclusive pricing and marketing systems, my list price/sales price ratio is 98% compared to 95% for our association. On a $100,000 home that is an extra $3000 in the seller's pocket.

You can contact me directly if you need any further assistance.
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David Bolick, Agent, Little Rock, AR
Mon Feb 25, 2013
Elizabeth, that can be an easy or hard answer. The "Market Value" of your home I assume you're wanting to know what it most likely would sell for. The only place to get that is a Real Estate Agent who is the driving force behind selling all homes. They pull the sales comparing information from the MLS System and find all the homes similar to yours in size, age, condition and the immediate area and narrow that down to one's most recently sold. This mimics what an Appraiser does. After they come up with a sales value they recommend generally a high, low and average. Once your house is sold, an Appraiser takes control of reality and in many cases appraises a home for "less" than what you've sold it for in which case you either don't sell or reduce your price, but Realtors are the ones that sell homes that edge upward and change that Appraisers data to allow prices to increase. NO WHERE else are you going to obtain any realistic amount...which means all these on-line quickie services that just lump every sale regardless of area, size or date sold into one lump and pop a number out. My house has been valued by these on-line websites as much a +40% to -40% within a 6 month period. So don't rely on them. Feel free to email me direct and I can send you a free analysis as described above.
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Judy Luna, Agent, Fayetteville, AR
Mon Feb 25, 2013
Both of the previous answers are ways that you can find your home's value. David Granderson's method is less accurate but at least you will have a ballpark figure for asking prices. Shanna's method is more exact, since a local realtor will be able to find out exactly what's been selling recently to determine the value of your home. The market ultimately is what determines the value at any given time. Some websites like Trulia and Zillow give "zestimates" but these can be extremely inaccurate, depending on the area and type of home you have. They work pretty well with "cookie cutter" homes in large subdivisions, but for more unique homes they don't. A third (but more expensive) method would be to have a professional appraiser do an appraisal. This will cost you about $450.

If you would like a recommendation of a local Little Rock realtor, contact me and I can help you.
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Shanna Rogers, Agent, Murrieta, CA
Sun Feb 24, 2013
Hi Elizabeth,

Contact a local Realtor and ask them to do a Comparative Market Analysis (CMA) on your property using SOLD comps within a 1 mile radius of your property (the closer, the better) that have SOLD within the last 3-6 months. This will give you current market value. Most (if not all) Realtors will do this for you free of charge - in the hopes that if you decide to list your home for sale, you will hire them to assist you.

Shanna Rogers
SR Realty
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GrandersonDa…, Landlord, Pine Bluff, AR
Sun Feb 24, 2013
Search for homes in your zip code, or street or neighborhood, and see their price per square foot. That should be enough to give you a general idea.
There is usually a difference in asking price per square foot and selling price per square foot, so keep that in mind.
Hope that helps.
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