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Trying to find out the value of my home

5454 Cross Creek Dr
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October 31 2011 - Mobile
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Answers (7)

Call a reputable Realtor, that's what they are there for. Get a Thorough Market Analysis. Make sure it includes Expired (what sellers did wrong), Solds ( what sellers did right) and Current Listings (Your Competition). Give me a call, if You are outside my area, I will put You in touch with someone in your area. ~MarKus. [phone removed by Zillow moderator]
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November 05 2011

Hi LLMCRP,

I am a local REALTOR here in the Mobile, AL area where I see you are listed. If you need anything else Real Estate related, don't hesitate to contact me.

Though, I heavily agree with Mr. John Fiala. Before putting a home on the market or listing with a real estate agent, savvy home sellers obtain a comparative market analysis, also reffered to in the industry as a CMA.You've probably received direct mail letters or post cards from local real estate agents about CMAs. These pitches offer you a free report to tell you how much your home is worth. Sellers use a CMA to figure out home pricing.

Once we receive a request to complete a CMA (which most agents do for free). We do extensive research in the areas of:

Active Listings

Pending Listings

Sold Listings

Off-Market/Withdrawn/Canceled

Expired Listings

Examining Com parables Sales

Similar Square Footage

Similar Age of Construction

Similar Amenities, Upgrades and Condition

Location

and more ...

I hope this helps a little, if not please let me know what else you may need.

Best of Luck,

P.S. So, either this option of enlisting the service of a REALTOR or you may have an appraisal done. This can be expensive and may also be done by an out-of-towner (which does cause inaccuracy).

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November 05 2011
Profile picture for SoCal_Engr
The only way to find the true value of your home is to sell it. Of course, that is a somewhat drastic/final mechanism.

In order of relative reliability, you can get estimated values by...

#1 - Paying for an appraisal. Probably the most reliable, unbiased estimate of value (i.e., the appraiser has no vested interest in the outcome). Downside is that it will cost $350-$450, and is only good for 3-6 months.

#2 - Get a CMA from a REA. Upside is that it is typically free. Downside is that CMAs are only as good as the REA providing them, and may be biased based on the REAs perceptions (i.e., the REA has an interest in the outcome). If you go this route, get at least 2-3 CMAs from different brokerages (not just different REAs) and compare them.

#3 - Use AVMs as a baseline, and generate your own estimate of value. Upside is that this is also free, and you will have a much better idea of both value and comparables. Downside is that you may not be willing/able to do the nececssary groundwork (i.e., finding comps, etc.) and may end up with a useless estimate. Still, fun to do and maybe worth doing in concert with #2.
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October 31 2011

Once you find a qualified agent that is a good fit for you, have them do a comparative market analysis on your home. Don't just look at the sold and active homes in your area, but be sure to look and see where the active and pending home sales are. The pending home sales will help determine what price range Buyers are buying in currently and what price range is hot for Sellers or Buyers, essentially where the fish are biting. The pending home sales are what is happening now, sold homes are where the market was and the active homes are where we think the market is. Good luck.

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October 31 2011
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October 31 2011
Looks like you are in Mobile, Alabama?  I suggest you find a local agent there who knows your particular area very well and ask them to put together a Market Analysis for you; there should be no charge for this.
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October 31 2011

Hi,
What City/State?

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October 31 2011
 
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