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How do I determine the value of a house?

  • August 11 2010 - Gaithersburg
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Answers (11)

Mike ,
An agent  would gladly do it for you for FREE,get the market sold and active prices in the last 1-3 months and come up with the Competitive market Analysis " CMA ". Also, it depends on the property upgrades and building age so on this shall be an appraiser job for more accurate value of the house whether buying or selling .An appraiser shall charge you $350-$450 for his job ! For refinancing ,the lender shall send their appraisers for this for the same approximate fee above ..
If you have any further questions do not hesitate to contact me !

Thanks,

Nancy Afifi
Evergreen Properties Inc.
[Contact info deleted by moderator]

  • August 27 2010
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The easist way to get an accurate home value is to call a Realtor in your area.  A Realtor can compare the value of your house with all the recent sales in your area.  Home values constantly change and it is difficult for web sites to stay current.

Most Realtors will be glad to give you a free CMA on your house.  To be on the fair side, you might want to tell them up front if you are not interested in selling your home and are just curious on your home value.

Best wishes !!
  • August 16 2010
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You can hire a licensed Appraiser and pay to have an appraisal. Or you can call a good Realtor for a complimentry Comparative Market Analysis.
  • August 15 2010
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Actual value is determined by what a buyer would be willing to pay in the market at that time. You did not state why you wanted to know the value of the house.
 If you are thinking about selling you should consult a Realtor and have them do a market analysis of similar homes that have sold in the last 90 days in your commumity. The other alternative is an appraiser which will cost a few hundred dollars.
If you are buying a home, I hope you have a Realtor representing you. They should be able to tell you if the house is over priced for the condition. Then before you can get a loan from a bank, the bank will have the home appraised to make sure you are not paying too much and they are protecting their investment. Yes you will have to pay the lender for the appraisal.
I hope this helps.

Dottie Cordwell, Broker, GREEN
ABR, SFR, CDRS, e-PRO
Advance Realty Professionals, Inc.
Home of the 1.75% Listing
  • August 13 2010
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Mike,

It depends on your objective.  Most real estate agents would be glade to run a market analysis for your review.  The only way to be exact is to have an appraisal completed.  This does come with a cost between $250 and $400.  If you are just curious check out Zillow.
  • August 13 2010
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Mike, it depends on what your goal is. If you are looking to buy or sell, then contacting a local real estate professional is a good place to start to find an approximation of value.
For an exact value, a licensed appraiser can do that. If you are looking to refinance, your mortgage company will most likely hire one through the refinance costs!
I hope this helps!
Thanks!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
  • August 11 2010
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Are you buying or selling?

In either event, you can do several things: (1) look at the tax assessed value of the property, what the locality believes it to be worth; (2) hire an appraiser; and/or (3) have a licensed real estate agent in your market prepare a Comparative Market Analysis ("CMA") on the home.  Of course, you can also look at online valuation sites like Zillow, but keep in mind their data is often outdated or incorrect.  An appraiser will cost you several hundred dollars, depending on your location.  By reviewing all these different data sources, hopefully you can come up with a reasonable estimation of value.  Good luck!
  • August 11 2010
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If you are considering selling you can get a comparable market analysis from a local realtor.
  • August 11 2010
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A Certified Appraisal by Licensed Appraiser would be a good start. 

However, If you want to find the ultimate answer to that question you'll need to put it up for sale and see what offers you get.
  • August 11 2010
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See the answer below sites like Zillow and Home Gain are off.
  • August 11 2010
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Mike,

The best and most accurate way to determine a home's current value is through a real estate agent or an appraiser.  That agent can run the comps in your area and let you know what the current market says.

Peggy Lyn Speicher
RE/MAX Realty Centre, Inc.
www.PeggyLyn.com
  • August 11 2010
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