The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
A CMA would be a good indicator of what the market would pay today for your home. Make sure the agent is familiar with the South Shore Market. Ingrid raises a good point about the nuances of the South Shore. There are large discrepancies in how the market reacts to upgrades and rehabs, and how recent the rehab was completed. What might be customary finishes in one market, may be less desirable in another. Furthermore, South Shore has large discrepancies in value depending on specific location. A good example would be trying to compare a home in the Jackson Park Highlands to one at 78th and Exchange.
Also remember that there are additional cost to selling. You need to factor in things like transfer taxes, tax escrows, brokerage commissions, etc. This can easily add up to 8% of the sale price. Once again, a good, local agent can help you understand your specific circumstance.
Ultimately, you should ask a local realtor to do a CMA on your property. You should also find out what other rehabbed homes are going for in your neighborhood. Keep in mind that most of the rehabbed homes, especially in the South Shore/South Chicago area, are recent rehabs (less than a year). This type of variable will make a difference in how the CMA is analyzed.
Hope it works out for you,
Servicing South Lakefront Communities
Keller Williams Realty CCG
716 E. 47th Street
Chicago, IL 60653
- Do a house search for your neighborhood looking for similar houses (size type bedrooms, baths, etc) and see what they are listed for. That will give you some idea at least. Obviously you won't know for sure but its a starting point. You can look here or realtor.com
- Once you have some idea then maybe call an agent sot that you aren't completely in the dark
We need to have an appraisal done on your property. Consult with a professional realtor and ask them to perform A CMA or comparable market analysis to see where your estimated value stands.
Best of Luck to you
In order to accurately determine the current market value of your home (to see if the market value is less than what you owe and find out if you are underwater), you should contact an experienced real estate agent to help you. A real estate agent with knowledge of the area and access to connectMLS will be able to research recent sales of properties similar to your home and assist you in assessing the current market value and in evaluating the practicality of making a move in this current market - and in formulating a plan to do so OR a plan to make yourselves more able to do so in the near future.
If you do not have a real estate agent to help you, please do check out our website - we have many wonderful agents who would be happy to assist you in evaluating your situation. Check us out here:
I would love to work with you. Feel free to contact me.
Millie C Lumpkin, SFR
Century 21 Pro-Team
Phone: (708) 213-6141
Americorp Real Estate
Brokers Associate, e-PRO
The least expensive way is to have a couple of sellers agents put together a comparative market analysis.
This can be done in 2 ways: we can go to your place to consider the upgrades & make adjustments accordingly, or, we can simply compare by description, i.e. # of beds, # of baths, room, etc...the former being the preferred method.
Start with the agents that responded to your inquiry right here on Trulia, myself included. There is no charge to you for this service. This way if you decide you do want to move forward & sell you have already done your homework & have hopefully found the agent you want to work with. Make sense?
The best way to tell is to have an appraisal done on the property. The appraiser will determine the fair market value based on recent closed comparables. You can also have a Realtor do a CMA on the property and provide you a Net Equity sheet with an estimate of closing costs minus the amount you owe to determine if you will walk away owing or with a profit. Based on your $ per sq footage you said, you may be in a good position to sell. If you have any other questions, feel free to call me.