Profile picture for fmccoy

how can I find out what my home is worth?

  • April 28 2010 - Weston
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    Answers (461)

    I agree, the below answers are good ones and applicable in a market analysis. Other contributing factors are: how well-maintained your property is; if and when any upgrading or remodeling has been done, etc. It's also important for your Agent to know whether or not you are serious about selling or if you are more interested in just marketing your property, as this plays an important factor in your list price.
    • January 07 2011
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    a lot of good answers below.  hire a realtor to give you a CMA, to give you the value of the home.  Or pay an appraiser to give you appraisal that has strict federal guidelines for value and is much more accurate, and thus they can charge for that.   And remember, you get what you pay for...HEHE, no realtors to a good job. i am one.

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    • January 06 2011
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    For bankruptcy purposes you would need the expertise of a licensed certified appraiser.
    • January 06 2011
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    Profile picture for gdthaxton
    For bankruptcy purposes I would like to know the value of my home.
    • January 06 2011
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    My question is this "for what purpose do you need to know"?
    If you are thinking about market value and selling your home, invite in 2-3 local full time realtors for a free evaluation.
    If you need the value for a divorce, bankruptcy, estate , you need to hire a licensed/certified appraiser.
    • January 05 2011
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    In addition to doing a current CMA and taking a close look at the condition of comparable homes for sale, we usually ask some of the fellow agents in our office to come and see the home before it is listed to do a reality check on a home's worth here on the Main Line in Pennsylvania.

    Still, even then, you have to know the biases of your fellow Realtors.

    Make sure you have an agent you can trust do the assessment. The only true way to know is once it is on the market.
    • January 05 2011
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    Profile picture for JackieGriffin
    Like a share of stock or interest rates, it changes everyday! Call your local real estate expert and ask to be updated every 3-6 months if you are planning to sell in the near future.
    • January 04 2011
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    The rules are constantly changing, and in getting an approximation of the value of your home, the methods need to change, too. The standard in the industry for many years has been the CMA Comparable Market Analysis. The process involves comparing your home to those of others in your area which are comparable and then calculating a price range that your home should sell for. 

    I apply more analytic tools to the process to determine area economics, and look at the factors that will impact the sale price of your home. Included in this assessment is a detailed tour of your home, your neighborhood, and those surrounding your home. I look at the competition, to see how you can strategically sell your home. 

    I don't rely on a CMA (Comparable Market Analysis) alone. Today's market requires a more strategic approach to selling a home and the CMA is only a component of a toolbox of analytic tools I use to prepare your home for the most successful sale possible 









    • January 04 2011
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    The best way to find out what your home is worth is to have a realtor do a CMA (comparative market analysis) of other homes in your area of the same size, quality, and condition that have recently sold within the last six months.

    • December 30 2010
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    The best way is to have a Realtor tour your home, then show you comparable properties in that sold recently, and are currently available on the market. Recent solds should be within the last 3 months, especially important since today's market is a moving target. You may want to consult 2 or 3 agents.

    • December 30 2010
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    Utilize the expertise of a local professional in your area.
    • December 30 2010
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    Profile picture for Tyler Rygmyr
    A comparative market analysis by a Realtor, hire an appraiser, or check out the zestimate on zillow which should be good estimate on your pad's value.
    • December 28 2010
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    Tough question to answer. CMAs and appraisals are good but they are just informed estimates. Every property is different so it's hard to get an exact value from a CMA. Appraisals are the professional opinion of the individual appraisor; different people could come up with different numbers. Still, they're probably the best way to get to a reasonable price-point.

    Of course, "value" is a subjective concept. In the end, your house is only worth what you can convince someone to pay for it.
    • December 22 2010
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    You can use zillow.com, but unfortunately it does not take many factors into account and not always accurate.  However, it will give you a close ballpark.  Other than that contact a great local Realtor.  Make sure to check that they have a good history of listing properties recently, and have done something in the specific neighborhood you are in.
    • December 18 2010
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    A CMA from a Realtor is always a good starting point and it's free, next a BPO (Broker Price Opinion) for around $75.00, then a Desktop Appraisal from a licensed appraiser for around $100.00. If none of those satisfy your need, then order a Full Appraisal for around $500.00
    • December 18 2010
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    Ask your local real estate agent to complete a CMA - comparable market analysis for you!!!!
    • December 16 2010
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    Please remember when searching for the value of your home that an "appraisal" or a CMA is just one person's opinion of the data collected.
    Although we (Realtors) all have the same data-like most statistics they can be manipulated in several ways. I recommend getting 3 Realtors with advanced designations (proving their educational background) to provide you with CMA's. Paying for an appraisal is almost a last resort since the agents have access to the same information.

    Other things to remember-
    Below ground rooms(finished basements) are not always equal in value to original rooms. (same goes for renovated attics, bonus rooms, etc)
    Location! Are you close to itmes that will detract from buyers? railroad, trash dump?, mian interstate noise, homes very close together?
    Established area or still new construction around?
    Foreclosure, short sale and unemployment?

    Most people only see the brick, sticks, mortar and lovely renovations and updates they have done for their home-you must also consider all of the above!
    • December 14 2010
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    A comparative market analysis is the best starting point.  This can be obtained by your local real estate professional.
    • December 13 2010
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    Ask a real estate professional to perform a CMA (Competitive Market Analysis) for you
    • December 13 2010
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    Profile picture for Emily Medvec

    Knowing your home's value is as important as your credit score. There are several ways to both learn and monitor the value of your home. It is important to remember all real estate is local. I recommend using a combination of these options:

    1. Contact a local Realtor. Ask them to see your home and provide you with a comparative market analysis.
    2. Use Zestimate to monitor changes in your home's value based on a mathematical calculation of trends.
    3. Contact a local licensed appraiser and pay for a current appraisal of your property.
    4. Visit open houses in your neighborhood to get look at homes and their expectations of value

    Remember, in the end, what your home is worth on the market is the sold price.

    • December 10 2010
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    Here is a very easy tool to sign up for. You will receive an email with current information as to what has sold, what is on the market, the duration of time a property is on market as so on. It is very easy to understand and although I've used it to capture leads, I really do like the report. It's very simple to understand and will give you a pretty good understanding what is happening near you.

    [link removed by moderator]

    thanks
    Herb Schmulewicz
    McGuire Real Estate
    [contact info removed by moderator]
    • December 08 2010
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    Profile picture for Bonnie David
    I have over 20 years of experience and still, I find pricing a home a very difficult task.  In our specific area, we moved from REO (bank) driven to Short Sale driven.  Yet, builders are not putting on spec homes and many of the sought after newer construction homes are not available to step up buyers.  Consequently, in the last couple of months, some of my listings have sold for higher than even the seller thought possible.


    However, know your market as suggested by the other agents.  Give yourself the benefit of doubt if there are dissimilarities to your home.  Pay attention to market time.  Then, a wise agent will automatically work with structured price adjustments.  That way, if you are too high to start, the pricepoint can be adjusted in say 3 week intervals.  Market speaks loud and clear once the home is professionally marketed.
    • December 08 2010
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    The two most accurate methods would be an appraisal or CMA (Comparative Market Analysis). For the appraisal I suggest getting a recommendation from a friend or realtor. For the CMA contact a local realtor that is familiar with your area. The realtor will use a combination of Active and Sold properties as well as the condition of your home to determine a value.

    • December 07 2010
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    Three ways: Zestimates, CMA from a good Realtor, Appraisal.
    • December 07 2010
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    Call 3 agents over to give you a free market analysis and have them support their price with compariables.  If all three are very different you can always hire an appraiser for another opinion.

    Good luck,
    Tom

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    • December 05 2010
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    Hi,
    The worth of your home can be a daily thing. The best way to find out is to have an agent who knows the area you where you are located do a in depth comparable market anaysis.  Make sure the homes that are compared to yours really compare.  For instance if your home has a garage be sure that all the properties they compare to yours have garages etc.  The truth is the true worth of your home is whatever you decide to accept and what a buyer is willing to pay for it.  This market makes it particularly hard to give you an exact answer.  There is no concrete answer.  Good luck!
    • December 05 2010
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    Profile picture for twiltse
    You can pay for an appraisal. It will be unbiased, but will be an expense. Or, you can ask an agent or two to do a CMA. These will take a few hours of his/her time, but most agents are willing to do the work in anticipation of getting the listing if you decide to list the property. If you don't plan to list, and are just trying to find out where you stand, the honest thing to do is hire an appraisal. Another thought is that I think it is a good idea to do your research regarding who you want to list with before you get the agent to do the CMA. When a seller selects based on the CMA's, the guy with the highest price gets the listing. I'm an outlier here. I know most agents would not agree with this. What I see is that the market will decide the value of your home. That sky high price is just going to cost you in the end. In this declining market, it is best to price it right to start with. Good luck.
    • November 30 2010
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    Hi FMccoy, An effective way to find out what your home is worth, is achieved paying for an appraisal.  Appraisals vary in cost so I suggest that you shop around first.  However you can also contact a few Realtors in your area and ask them for a Comparative Marketing Analysis, CMA, which is a free service.  This will give you an accurate reading of what's going on in your community.  Please don't make the mistake of asking your neighbors, who maybe selling there home.  Because you want to get a professional report, not an emotional answer. 

    Anthony
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    • November 28 2010
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    The best way to find out what your house is worth depends on why you want to know.  If you want to know for property tax reasons use an appraiser.  If you may want to sell your house get 2 or more realtors to give you a market analysis.  Listen to their reasoning and use all the information to formulate a price.  At the same time you can interview the realtors and find the one who will be the best match for you.  Pricing is not an exact science.  The more you are informed the better you are.

    • November 28 2010
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    You have a couple of options here.  You can either pay for a professional appraisal, or you can contact a local REALTOR and request a Competitive Market Analysis.  The CMA should contain SOLD listings in your neighborhood over the last three months if possible.
    • November 28 2010
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