How do I determine the market value of my home?

Asked by Anthony Kelly, 19087 Thu Jan 14, 2010

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8
John Badalam…, Agent, Wayne, PA
Fri Jan 15, 2010
Hi Anthony:

There are serveral options as my mentioned below, all good answers. You can choose to have a local agent prepare a CMA for you at no charge. I suggest that you not only choose a local agent who should be a student of the local market, but also have the agent visit your home in advance of preparing the CMA and then when the agent completes the CMA for you, have the agent come back and explain his/her findings in person with you.

When I prepare a CMA , I also like provide an analysis of the "local absorption rates", "average days on market", and also the "area differential of list to final sold price".

An appraisal on the other hand prepared by a licensed appraiser will not be free, but is supposed to be prepared by a professional appraiser who confirmes to the Uniform Specificationsof Professional Appraisal Practice (USPAP) - which stated that the appraisal is to be prepared in an unbiased manor.

There are cases where an appraisal is warrented as there just aren't an comps available to support a CMA if done properly, Examples area historic home located in a neighborhood of homes built in the last 30 years, or a farmhouse, contemporary home, etc., etc... It would be foolish for an agent to even try to prepare a CMA on a home such as the above as there is nothing to support it.

Lastly, while there are many web sites that will give you an estimate of price by entering an address, it is no replacement for a CMA or appraisal,


If you have any questions Anthony, I would be happy to answer them for you.

Warmest Regards,
John (John B.) Badalamenti, CRS, ABR, SRES
Associate Broker
Certified Residential Specialist/Relocation Specialist
Prudential Fox & Roach, Realtors, Wayne, PA
610-688-4310 (office)
484-680-1742 (cell)
http://www.MainLineHomeZone.com
johnb@subphillyhomes.com
0 votes
Chad F, , Sarasota, FL
Thu Jan 14, 2010
Hi Anthony,

Your best bet is to contact a local Realtor and ask for a CMA (Comparative market Analysis).
0 votes
Terry Kirkwo…, Agent, Rosemont, PA
Thu Jan 14, 2010
Hi Anthony,

In addition to the Comparative Market Analysis that my colleagues have mentioned, you may want to also look at how you can increase the value of your home. When you invite Realtors to meet with you, ask them for suggestions on what you can do to your home to enhance and increase the value. Home Staging is very important. Feel free to contact Kate Hart at Hart Staging: 610-564-6760 or visit her website: http://www.hartstaging.com/.

Good luck!
0 votes
Marcello Fin…, Agent, Wayne, PA
Thu Jan 14, 2010
Anthony,

there are 2 options here, it depends what is the purpose and the intended use of the market value opinion:
if you want to re-finance or just want to know the market value for your own curiosity, I would suggest you to have a professional appraisal from an independent appraiser done, it is not very expensive but the best way to do it.
If you are thinking of selling your home, then a Realtor can be a better solution, not only because they are legally allowed to give you an opinion of value only in an attempt to get the listing, but also they can show you their marketing plan in a presentation so you can actually choose the one the best fits your need.
My suggestions would be to have 2-3 different opinions.
Personally, I can perform a CMA ( Comparative Market Analysis) for free and show you my customized and aggressive marketing plan, but again, only if you are considering putting your home on the market.
Please feel free to call me with any questions.
0 votes
Voices Member, , Benton County, OR
Thu Jan 14, 2010
Anthony

You may also like reading this discussion on CMA's determining value between Agents
http://activerain.com/blogsview/1360346/cma-s-for-leads

Dunes
4 points more towards my
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Expertise, knowledge
Professionalism or anything else
except I post a lot VIP Badge
http://www.trulia.com/voices/what_is_vip/ -
0 votes
Edith Karoli…, Agent, Winnetka, IL
Thu Jan 14, 2010
Hi Anthony, the other Realtors already suggested to you to get a market evaluation from an area Realtor.
So let me just add a few thoughts for you.... The Realtor, not only has previewed and seen a lot of properties, or shown them to clients, or listed properties, and consequently has an easier way for comparison as far as upgrades, quality of construction, amenities etc. is concerned, and then has access to all current listings which will represent your competition, and also has access to those properties similar to yours that have recently sold.

So the Realtor will be in a unique position to give you some overview of the market in your area and then
a straightforward honest pricing proposal, based on the market in your area and your needs as the seller.

And of course the question still is, are you intending to sell, are you just curious to know, or do you want to refinance?

Good Luck to you!
And have a happy and prosperous NEW YEAR
0 votes
Nick & Trudy…, Agent, Devon, PA
Thu Jan 14, 2010
The best way is to ask a Realtor to prepare a Comparative Market Anaslysis for you. We provide this service free of charge. There are ways on line you can get an indication from sites like Zillow etc, but these are unreliable and offer a wide range as they have no idea what you have done to improve and update your home or what has been done to homes that have sold and their alogorithm cannot take this into account.
Web Reference:  http://www.VandekarTeam.com
0 votes
Pete Simonet…, Agent, Wayne, PA
Thu Jan 14, 2010
Anthony,

Your best bet is to talk to a Realtor who can give you an idea as to the market value of your home. The other alternative would be to hire an appraiser. Depends on why you're asking. Give me a call, be glad to help.

Regards,

Pete Simonetti
REALTOR, MBA, ABR
Weichert Realtors

610-687-4400 x125
610-662-9695 cell
610-340-2338 fax

mainlineagent@gmail.com
http://www.phillyhomescout.com
0 votes
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