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Answers (6)
- Dwayne & Maryanne Moyers, "MoyersTeam"
- Contributions:354
Short answer:
Have your realtor do a comparitve market analysis (CMA) which is a snapshot that compares your home to the surrounding community. The CMA consists of:
(1) As many properties as possible to your home which are similar in type, finished square footage, basement, garage, property size, ect.
(2) A CMA should have a window of comparing closed transactions of the last 3 months in an active market. In slower areas 6 months is acceptable.
(3) Overall condition of the subject home, and market demand is considered in the determination of market value.
(4) A CMA works like an appraisal for determining value. It should attempt to compare home values against homes located within the same subdivision. If there are not enough of the same homes within the subdivision, homes of equal square footage, lot size, ect. are substituted. When the same subdivision doesn't produce enough data for a strong comparision, the realtor, and appraiser will look within a mile radius for like homes.
Good Luck,
Dwayne Moyers
Have your realtor do a comparitve market analysis (CMA) which is a snapshot that compares your home to the surrounding community. The CMA consists of:
(1) As many properties as possible to your home which are similar in type, finished square footage, basement, garage, property size, ect.
(2) A CMA should have a window of comparing closed transactions of the last 3 months in an active market. In slower areas 6 months is acceptable.
(3) Overall condition of the subject home, and market demand is considered in the determination of market value.
(4) A CMA works like an appraisal for determining value. It should attempt to compare home values against homes located within the same subdivision. If there are not enough of the same homes within the subdivision, homes of equal square footage, lot size, ect. are substituted. When the same subdivision doesn't produce enough data for a strong comparision, the realtor, and appraiser will look within a mile radius for like homes.
Good Luck,
Dwayne Moyers
- Marcin Talaga, "Wadowice"
- Contributions:46
An agent (your agent should have done this for you before you put in an offer) will compare the home you are buying to similar homes within a certain radius (like 1/2 mile for example.) Then they will look at comparable homes that have sold in the last 3, 4, or 5 months in that same radius. This will give him or her a good estimate of what the homes are going for in that area and a reasonable estimate of what the home you are considering bidding on is worth. Like the other agent mentioned below, it involves a more than that and the search parameters will change depending on many factors. At this point, the appraisal will really tell you whether you made a good choice or not.
Marcin
Marcin
- Geordy Rostad, "geordy"
- Contributions:991
If you are truly concerned, you could hire a second appraiser for around to give you an unbiased evaluation.
Also, did you ask your real estate agent to do a CMA on the property before you made your offer? Agents often do CMAs for sellers but they don't do them nearly enough for buyers. If your agent is worth their salt, they will have no problem doing this for you.
Also, did you ask your real estate agent to do a CMA on the property before you made your offer? Agents often do CMAs for sellers but they don't do them nearly enough for buyers. If your agent is worth their salt, they will have no problem doing this for you.
- Casey Walvoord, "Casey Walvoord"
- Contributions:20
"Zestimates" are calculated by a proprietary computer model from county property records. It's virtually impossible for Zillow to factor individual property condition and the weigh comparable sales appropriately.
I find Zillow far more useful to plot trends for a zip code, metro area, etc. Your agent will determine what price is supported by the market by selecting the most similar recent comparable properties.
I find Zillow far more useful to plot trends for a zip code, metro area, etc. Your agent will determine what price is supported by the market by selecting the most similar recent comparable properties.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Zillow is a guesstimate, don't worry, its irrelevant to what you are doing. The professional appraisal is 'it' We Realtors do not base anything on a zillow estimate or even the tax appraisal of your property, we basically look at what compares to your home and what has sold within , hopefully the last three months. Its more complicated than that. Congratulations on being in a contract, sounds like you did well on your bid.
- Laura Karambelas, "Karambelas"
- Contributions:748
Zillow compiles zestimates from numerous public information sites. Zillow Zestimates are estimates and not the true value of a home. Your agent & the appraiser have access to the most recent sales & true comparables for the home you are buying.
How do you come up with a certain value on a property? Is it based on appraisle alone or what?
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