what is the value of my house?

Asked by Gary Kelly, Fairfax, CA Mon Jan 28, 2008

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Leonardo Mon…, Agent, Rancho Mirage, CA
Mon Jan 28, 2008
Hi Gary,

The best way to find out the market value of your house is to let a professional handle it. Realtors with good reputation in your area are your best bet. Get an opinion from 3 different Realtors/Real Estate Companies and see how far they are apart. That should be a good start point. Hope this helps. Good luck
Web Reference:  http://www.leonardoteam.com
1 vote
Sylvia Barry,…, Agent, Marin, CA
Sat Mar 22, 2008
Hi Gary:

Your home is in a great location at Oak Manor, one of the very desirable area in Fairfax. Nice size at 2,200 sf, over 1/4 acre lot, top of the hill, next to open space, nestled in the woods with gorgeous views of Mt. Tam. Private and updated with nice deck in the backyard.

This is just from my research, not knowiing the inside of your house, it's difficult to tell. There a recent listing on 441 OaK Manor which is about 200 sf less than your home, not as nice area, and the home actually consists of a smaller main house and a downstairs rental unit. The property is listed at $829,000. However, the property can not compare to yours.

On the other hand, 1 Snowden sold for $1,755,000 in 10/2007; but that's also a totally different property, built in 1982, 2455, sf, but completed remodeled in 2001 with a tax record at 2455sf (but owner claimed 3164 sf) Craftman style home with 2.71 acres of lot. So, that's quite different from yours also.

The other home that's similar to your is on Gregory, sold for $935,000 in 11/06, bit ealirer than we like to use as comp since it's sold before the housing market problems. However, the location is not as nice as yours, and the house is a little smaller and at not as nice setting as yours. .

Although a lot of homes are coming down in value, Oak Manor homes are very desirable and as you can see, not many are on the market. Again, like other Realtor said, without seeing your home, it's very difficult to say; but I would venture to guess it at mid to high $900s.

0 votes
David - Appr…, , Maricopa, AZ
Sat Mar 22, 2008
To get an accurate value of your house, you should hire a real estate appraiser. An appraiser is issued a license by the state appraisal board after meeting all the educational, training, and expierence requirements to perform valuations of real estate. A Realtor/Agent can provide a CMA (comparative market analysis) with a suggested selling or purchase price, but very few are licensed to provide a VALUE of real estate. The purpose, or intended use, for the value on your house also determines the type of value needed.
0 votes
Steve Ragghi…, Agent, San Rafael, CA
Sat Mar 22, 2008
The most recent sale in your area was 1 Snowden Lane. This sold for its list price of $1,755,000. This was a new-ish home that was built in 2001, yours was built in 1968. The answer to your question can only really be told to truthfully if a Realtor comes out to see your home and then compare it to the comps.


0 votes
Keith Sorem, Agent, Glendale, CA
Mon Jan 28, 2008
The question is really "what kind of value"?
Resale? Are you thinking of selling?
Replacement? Are you worried about your insurance coverage?
Loan value> Are you wanting to squeeze every dime out of it for a re-fi , and your lender wants just the opposite?

Space does not permit, however you need to know what the purpose is, and share that with whomever is providing the valuation.

For example, if you are thinking of selling, the price a knowledgeable buyer will agree to pay, and at which a seller will agree to sell, it fair market value (FMV).
If you are thinking of insurance/replacement costs, those are notoriously understated, so you might want to talk with an architect or a contractor.

Hope this is helpful.
0 votes
Janet Levy-M…, Agent, Forked River, NJ
Mon Jan 28, 2008
Hi Gary,

Yes, the first step is to get a Comparative Market Analysis (CMA) done on your home. Most Realtors provide this as a free service in hopes of getting the listing for your home. I would ask more than one agent preferably from different companies to provide this report to you so you can see how they compare to each other.

They will also want to discuss their marketing strategies if they were to get the listing.

My company belongs to Leading Real Estate Companies of the World and I'd be happy refer you to reputable agent in your area if you'd like.

Good luck with the sale of your home!

Janet Levy-Minetti
Broker-Salesperson/Office Manager
Crossroads Realty/Lacey Office
Web Reference:  http://www.janetlevy.com
0 votes
Jayney Arden, Agent, Fairfield, CA
Mon Jan 28, 2008
Gary, to get an approximate value of your home in Fairfax, your best plan of action would be to emply the services of a good reputable REALTOR who will collect your information on the house: sf, age, rooms, location, etc. specifics and process a good Current Market Analysis for you (CMA). This report is comprised of similar homes in your area with specifications most comparable to your house, most recently sold (within 1 year or 6 months better yet) and current listings. This report will give you the best information you will need to come to a decision about the comparable value of your home. It is a painless process and most REALTORS are happy to run this report for you.

Good Luck!
0 votes
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