Profile picture for user2497020

What is the best method to determine the value of our house?

  • September 10 2013 - Minneapolis
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (13)

The best method is comparative market analysis.  This takes a handful of similar properties in size, location, style etc that have sold recently and compares them to your home.  If you take 10 homes in your neighborhood and do this you should get a pretty good idea of what your house would sell for.
  • November 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If your home is in an area of very similar homes, then recents sales can be a close indicator. Of course, upgrades can also affect values. If you hire an appraiser, make sure this person is local and knows your market well. Realtors are happy to supply you with comps and a market analysis but we prefer to do this if you are thinking of selling as it takes time to gather this  information.
  • September 11 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Being in the mortgage business makes me very familiar with the process of seeing a homes value established as it happens on every single transaction I am involved in.

Basically I see 2 options that will give you results that you can rely on.

1. Hire a certified appraiser to appraise your home.  Costs = $300-$400

2. Get an experienced local real estate agent to do a price/market analysis.  Depending on your intentions I would assume this could normally be done without a charge to you.

If you need help with any referrals I would be happy to refer some trustworthy appraisers or agents.

Let me know and good luck!

Jerry
  • September 11 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I concur with having a couple Real Estate Agents do a price analysis. Market value is determined by what people are currently paying for similar properties in your neighborhood.  What an agent will do is pull recent sales (usually from the past 3 months in this market) of similar properties and make adjustments for the differences. After all, no two homes are exactly alike.  We will also pull pending sales to see if there are any adjustments that need to be made for "real time" sales of similar properties.  Also, ask the agent if they provide this service for free.  In my opinion it should always be at no cost, however that is up to the individual agent.  I live and work in Minneapolis, so if I can be of any assistance, feel free to reach out to me.  Another option is to ask people you know if they personally know an agent that they trust.
Good luck!
  • September 10 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for KennethLowellMcGough
Don't ask Zillow??  They have no idea of the true value of my home yet post unbelievable negative pricing that if a buyer were to view without seeing the home and it's location would simply look elsewhere!!
  • September 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Since it appears you live in a big city - with a lot of sales - maybe Zillow can help - at least its free...

If you are OK spending money, hire, or at least consult, with an appraiser. Here is a directory to find one....


  • September 10 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for hpvanc
If you need unbiased information to make a solid decision hire an appraiser.
  • September 10 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Agreed that while Zillow is a great tool, condition, upgrades, etc, are a big factor in getting to the right price set for a home to sell for its optimal value. That can vary in a market based upon seasonality.  Getting a good market analysis considers everything from whether there are many or few listings in you area, condition of home, and other factors like whether it is a highly desirable neighborhood. The more buyers wanting your neighborhood or home, the more you can push the ceiling on price, the more competition you have from other strong homes available in the neighborhood, the more competitive in price you have to become. Many factors drive a value at a given point and time. A good local agent that really knows your specific area and neighborhood, is the best resource. Talk to several that focus on your area.
  • September 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for dorothywebner
You may want to ask two different Realtors for their sold and active comps and make your decision from that.
  • September 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes a good agent will gladly do comparative analysis of your neighborhood to find the value in your home. I f you need any further help go threw the internet most agents have a picture and a bio read on and get it done.
  • September 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would suggest finding an agent close to your home.. this is usually the best route to go to get a good "comparative analysis". The only thing it may cost you is a brief introduction to the professional that will prepare the "valuation" for you.. the realtor should be able to get you local comparable sales and the trend in your area. 
  • September 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Use a Realtor usually they will do it for free versus paying for an appraisal. If you would like I can help you.

Thanks,

~Chris
  • September 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Zillow is a great site, but unfortunately the thing it lacks since it is computer driven is the ability to think beyond just the basic "numbers" of an area.  The simple and easy answer would be to talk to an agent that knows your neighborhood and the Minneapolis market well.  Things like upgrades in your home can influence the final numbers a great deal, without having the personal "human" touch it is more of an estimate than a solid number.  SO long answer shortened, talk to an agent or two in the area.  Most good respected agents will gladly give you a current evaluation and not push you to list the home at this time.  If you feel pressure from that agent, kindly end the appointment and try someone else.  I am originally from the Twin Cities, if you would like a couple of names of agents that I trust in your area please contact me and I will gladly send their information to you.

All the best and GO WILD!
  • September 10 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.