How do you find the market value of a home?

Asked by Illu, Schaumburg, IL Mon Dec 5, 2011

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7
Don Tepper, Agent, Burke, VA
Mon Dec 5, 2011
Three ways:

(1) Ask a Realtor to do a CMA (competitive market analysis) on the property. That's applicable whether you're interested in buying or selling. The CMA should be fairly accurate. If you're selling, specify whether you're interested in the highest values or the shortest sales time. There's a range to CMAs, and it's important to know whether you'd hope to have a contract quickly (say within 30 days) or whether you're willing to wait a bit longer and perhaps get slightly more.

(2) Pay an appraiser. This might run $300-$400. It will be quite accurate. It might make sense if you're selling. It doesn't make sense if you're making offers on various properties. If you do make an offer that's accepted, your lender will require you to pay for an appraisal on the property.

(3) Put the property on the market (as a seller). The real market value is what a willing buyer will pay to a willing seller. So the only 100% certain way to determine the market value of a property is to get an offer on it.

Bonus Tip: Don't rely on the automated/algorithmic online services. Those may be fun, but they're totally worthless.

Hope that helps.
1 vote
Molly Hay -…, Agent, Columbus, OH
Mon Dec 19, 2011
Are you working with a realtor? Any EXPERIENCED licensed agent should be able to give you a market value for any home.
0 votes
Matt Delhoug…, Agent, Chesterfield, MO
Mon Dec 19, 2011
How do you find the market value of a home? That is the million dollar question lately.

Don's answers are 100% correct. However, some more things that must be considered;
1. Question the homes that sold. Are these solds true comparables? Every Realtor knows we have to compare by sq. ft., lot, location and a multitude of other things.
2. Were any of the Solds, short sales? Foreclosures? Is the subject property (the house you want the value on), in distress? Behind on payments?
3. How many other homes are currently on the market that are similiar to the subject property? This will greatly determine value.
4. Is a buyer willing to pay more than another buyer because of the proximity of their relatives/schools/etc?

Agents and appraisers give estimates of what a home is worth based on all of these factors. The only one that determines what a home is worth is the buyer.
0 votes
Erica Doran, Agent, Madison, AL
Mon Dec 19, 2011
Ask a local Realtor. A Realtor will be able to pull a comparative market analysis to help show a fair market value for your property. Part of their expertice to knowing a value in order to properly market a property.
0 votes
Susan K Klatt, Agent, Barrington, IL
Mon Dec 19, 2011
I am in the Coldwell Banker Office at Roselle & Schaumburg Road. I would love to help you with the current market value of your home. Give me a call at 847-301-3132. I'd love to help.
Web Reference:  http://www.susankklatt.com
0 votes
Shawn Ryan R…, Agent, Belleville, NJ
Mon Dec 5, 2011
Excellent respons by Don Tepper.

Personally, I believe that a good local realtor always knows home values than an appraiser. In fact, appraisers routinely have to call realtors for the information they need to conduct their appraisals. What does that tell you?
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon Dec 5, 2011
Go to the Cook County Property Appraiser web site. http://www.cookcountyassessor.com/Property_Search/Property_S…

Type in the address of the property you are interested in. It will give you the assessed value and the market value.
0 votes
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