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How can you figure out the real value of a home?

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I am confused about how to formulate a fair bid on a home. Specifically, I am looking at a 3/2 in Fremont, CA. They want $575K. This figure is much higher than the mid-value listed here. Also, its anywhere from 50K to 100K higher than the values zillow posts for homes in that neighborhood. Granted the home I am looking at is in move-in condition, but I can't see paying so much more than the value of the homes around it. Am I correct in looking at it in these terms?

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April 03 - Northgate

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nvchaz
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Nicole is so hot looking I'm thinking of buying in LA.

Nicole how much does a CMA cost in your neighborhood?

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Nicole Lindler, "NLindler"
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Nicole Lindler, "NLindler"

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definitely have your agent do a CMA (active, pending, and sold) homes so you know the true to market value of the home. The seller's agent could just have the home overpriced at the will of the sellers...make a fair market offer. In any case, an overpriced home will sit on the market unsold..

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sunnyview
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Hello. I think you are wise to be looking at value that you are getting. A move in home often does command a higher price often than a pretty good condition, but less showy home. Zillow is great for research, but not so good for appraising houses. If you are thinking about making an offer, please ask your agent for a CMA or just a list of recently sold houses in that local area. They can limit their search by elementary school area and then bed/bath to give you an idea of what similar houses nearby have sold for recently. Also look at the median for the zip code/neighborhood here on Zillow and see what the 1,,5 and 10 year chart for value looks like. That should give you some idea of where prices are headed and what kind of extra premium that house may be asking for if any. Doing a little extra research will help you make an offer that you know is based on real facts and not just agent opinion or Zestimates.

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