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Answers (6)
- Mark LeMenager
- Contributions:1716
As noted, ask a local agent to do a CMA for you. Most will do it for free. Good luck.
- Barbara Reagan, "VABarb"
- Contributions:134
Hello, Pattie,
The market value of a home is really what a buyer is willing to pay and seller is willing to sell a home for, assuming that it is an arm's length transaction. There are several ways you can determine what the "fair market value" of your home is: pay an appraiser to do an appraisal of your home, or have a local Realtor (one who is familiar with your area) prepare a Comparative Market Analysis. Most Realtors do not charge you to prepare this for you. To do this, the Realtor would look at your home and look at the homes which have sold in your market area (subdivision, area, neighborhood, etc) to see not only what the competition is that you would have, but also what the most comparable homes that have recently sold actually sold for, including what concessions a seller may have given to the buyer. Because the market is continually changing, it is very possible that your home may have a market value today that may be different from the market value for your home a year from now, or even 6 months from now. If you are trying to get the market value of your home to say, appeal a recent tax assessment increase, or to refinance, or are considering putting your home on the market in the near future, call a Realtor that you feel knows your area and ask them to prepare the Comparative Market Analysis for you. Then look over the competition to see how your home compares to yours and look at the most recent sales to make sure that the homes that were used to determine the market value are truly comparable!
I hope that helps to answer the question you may have. If you do have any others, please feel free to contact me and I would be happy to assist you! Good luck!
Barbara A. Reagan
Long & Foster Realtors
[content removed by moderator]
The market value of a home is really what a buyer is willing to pay and seller is willing to sell a home for, assuming that it is an arm's length transaction. There are several ways you can determine what the "fair market value" of your home is: pay an appraiser to do an appraisal of your home, or have a local Realtor (one who is familiar with your area) prepare a Comparative Market Analysis. Most Realtors do not charge you to prepare this for you. To do this, the Realtor would look at your home and look at the homes which have sold in your market area (subdivision, area, neighborhood, etc) to see not only what the competition is that you would have, but also what the most comparable homes that have recently sold actually sold for, including what concessions a seller may have given to the buyer. Because the market is continually changing, it is very possible that your home may have a market value today that may be different from the market value for your home a year from now, or even 6 months from now. If you are trying to get the market value of your home to say, appeal a recent tax assessment increase, or to refinance, or are considering putting your home on the market in the near future, call a Realtor that you feel knows your area and ask them to prepare the Comparative Market Analysis for you. Then look over the competition to see how your home compares to yours and look at the most recent sales to make sure that the homes that were used to determine the market value are truly comparable!
I hope that helps to answer the question you may have. If you do have any others, please feel free to contact me and I would be happy to assist you! Good luck!
Barbara A. Reagan
Long & Foster Realtors
[content removed by moderator]
- Patricia S Harris, "PatriciaSHarris"
- Contributions:12
Hi Pattie
The market value of your home is an approximate number that can only really be assessed by a local professional real estate agent and/or appraiser by looking at the condition of your property as well as the basics, such as size and location.
Web based options will average prices of data found on the internet, may or may not be free and most likely be in-accurate.
Most real estate agents offer free CMAs, I can give contact information on experienced realtors in your area that will be able to assist you.
Regards.
- tjtague
- Contributions:8
[content removed by moderator due to self-promotion]
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:923
Pattie,
The best way to find out an approximate market value of your home is to order an independent appraisal or a CMA prepared by an experienced real estate agent.
A CMA, Customized Market Analysis, of your home will look at homes that were SOLD during the last 3-6 months or homes that are currently under a contract in your neighborhood.
A CMA should NOT look at expired or withdrawn listings because often those listings are overpriced and reflect the wish-list of the seller rather than the market value - most of the time, this is precisely the reason they did not sell.
Finally, the market value of your home will be affected greatly by the foreclosures and short sales in your area.
The best way to find out an approximate market value of your home is to order an independent appraisal or a CMA prepared by an experienced real estate agent.
A CMA, Customized Market Analysis, of your home will look at homes that were SOLD during the last 3-6 months or homes that are currently under a contract in your neighborhood.
A CMA should NOT look at expired or withdrawn listings because often those listings are overpriced and reflect the wish-list of the seller rather than the market value - most of the time, this is precisely the reason they did not sell.
Finally, the market value of your home will be affected greatly by the foreclosures and short sales in your area.
- Christopher R. Raimo, "CRRAIMO"
- Contributions:12
Hi Pattie,
To find market value you need to look at the active listing in your area that are similar to you home. Also look at the solds, pending, and expireds to get an idea as to what houses are on the market for currently, what they sold for, and what they didn't sell for(expireds) Its fairly easy to get a hold of active and sold houses, you would probably need the assistance of a realtor to figure out which homes are pending and expired. Once you have done that you can start looking at what sets your house apart (positively or negatively) and adjust accordingly. Examples would be any upgrades to the home, new heating and cooling systems or roofs, lot size, etc... I hope this helps. feel free to call me if you need any help. [content removed by moderator]
Chris
how can i find market value for my home
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