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How do you estimate the value of a home?

  • May 22 2011 - Woodland Hills
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Answers (4)

Best Answer

The estimate should be arrived at by considering comps sold within the last 6 months in the immediate area (usually no more than 3-5 mile radius). It is important to consider true comps: meaning same bed/bath count, sq ft, location (for example whether or not the property faces a busy road. Days on the market are also important. Depending on whether you're a buyer or seller you might arrive a different number (although it should be very close). Please let me know if I can be of any further assistance to you. I am a Premier Agent in Woodland Hills CA and nearby neighborhoods. Please feel free to call me at 818.669.4545 or email me at Mya@DreamKeyRealty.com.
  • May 22 2011
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You can pay for an appraisal or you can consult with an agent who will help establish value based on the current inventory (homes on the market) as well as compare recent sales in the same neighborhood. Something to consider also if you're planning to sell is what the market absorption rate is - in other words how many months of inventory is currently on the market. This is important in helping to price a home that will cause it to sell.
  • May 24 2011
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Profile picture for nealadler
There are many factors in valuing a home.  Having completed 3,000 property valuations for various banks, etc. I would like to think I've got a handle on value.  Comparable properties should be within a  1 mile or less, within 20% plus or minus of the square footage, condition, location, amenities area important factors, upgrades, remodel, etc.  Recent sales should be within a mile or less, within the last 6 months, 3 months are better.  These are guidelines and there area always exceptions to the rules.  However, using them should give you a pretty good idea on your home's worth.
  • May 23 2011
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I am guessing your question is "How does Zillow estimate values?" If that's it, Zillow uses a series of furmulas, that by their own statements is not very accurate. It is impossible for anyone to come up with a formula that estimates anything nationwide. Zillow is basically an entertainment site, not a statistical site. It is a fun site to visit as long as you understand that.

If you want an accurate estimate of the value of your property, contact a local Realtor.
  • May 22 2011
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