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What's my home worth

  • January 05 2010 - Rockaway
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Answers (4)

You may as well be asking "What color is my tie" because we can't see that either. There is no way to accurately value something you can't see. Get a Realtor referral from a friend or family member and have your home evaluated. It's usually free and doesn't obligate you in any way.

 
  • January 10 2010
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If you don't want a free Market Analysis from a full time professional Realtor (which is the best way to go) then I would look at the Zillow Zestimate to get a feel for your home and the surrounding properties. This will give you a ball park estimate but that being said Zillow has sometimes been right on with their Zestimates and sometimes missed it by $20-$30,000. GOOD LUCK, If you need any help contact me.
Regards,
JOE
  • January 06 2010
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Hello mas2cool,

A)
We all know that pricing is the most important part of marketing your home for sale.

B) A willing buyer and seller are key to executing a sale and buyers set market price for everything.

Right? Not so fast.  We have experienced a climate change in the real estate market.

Today, the appraisal has become a problem for some.  It has created some warming and chilling.  It's called HVCC (Home Valuation Code of Conduct).   Basically, it means a buyer's lender will have little, if any, persuasion in the appraiser's valuation.   Cooling home prices and heating up debate.

When the Poole family wanted to make an offer on a home recently they were surprised I suggested a number much lower than the listed price.  It was obvious to me the home was poorly priced.   Due to the HVCC issue the appraisal came back even lower!  This was great news for us and terrible news for the seller.

Appraisals are now ordered and obtained through appraisal firms who then distribute the appraisal orders to their list of appraisers. The chosen appraiser may not be familiar with the neighborhood they are being asked to evaluate.  A climate change.

Should you ask your Real Estate Agent to provide a market analysis to help set a ‘market price' for you?  Yes, but not any "agent" will do anymore.

In the end the appraisal will make or break the pending sale.

A market analysis report provided by an agent is derived from the MLS and misses a few appraisal factors as part of the equation.  Alternatively, an agent who provides BPO (broker price opinion) to lenders will have experience using a more accurate formula as opposed to an ordinary agent's market analysis.

Lenders order BPOs from qualified Broker/Agents, as an analysis tool,  for refinancing, loan modifications, short sale approvals and foreclosure pricing.   Using a Broker/Agent, who is qualified to provide lenders this kind of  information is a better choice.

So what do you do?

  • Interview several local Realtors to help you ‘range' your price.
  • Request contact information from their past clientele.  Not simple ‘textimonials'.
  • Choose one who provides 3rd party resource material as part of their pricing quote.
  • Try to find a Realtor who is a BPO provider and request their BPO documentation.

Using these simple tips alongside a common sense marketing approach will help you price your home realistically.  Remember,  the appraisal will ultimately define the selling price and it is of enormous importance to get it right from the start.

How would you feel if you accepted a "pie in the sky offer" to only have the buyer's lender not grant loan approval?  You would probably go off like Mt. Vesuvius and that won't help the climate change debate.

other informative articles with information you will need...

is my agent lying

i can give you a value

23 sellers mistakes

Michael

http://www.MichaelRobertshomes.com

  • January 06 2010
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Hi there,

It is hard to tell exactly what your house is worth without knowing more about it. Things like number of bedrooms and baths as well as the age and style of the home would be helpful. Also what size acreage is the house on and are there any upgrades or amenities that set your house apart from other similar houses in the area.

It is also helpful to see the house inside and out to get a better idea of what the house is worth.

Please feel free to contact me with anyother questions.

Thank you,

Dave Tourjee
RE/MAX Competitive Edge
  • January 05 2010
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