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Answers (7)
- Jim Kennedy, J.D., "JimKennedy2"
- Contributions:249
Well, let's start with your characterization of the cost of other homes on your block. As a practical matter the value of homes on your block is reflected by recent sales not what sellers are asking. The value is not reflected by assessments which, although automatically adjusted annually, are not actually seen by assessors, nor is the value accurately reflected by computer driven websites which do not take into account differing values associated with the quality of finishes, appliances, fixtures, and other upgrades. If your goal is an accurate asessment of value: take your time; hire a reputable home inspection expert; repair all items called out by the inspection; visit all the homes in your area held open for the public, and if you've the opportunity, the weekly broker's open houses. Collect the information provided at the open houses and compare the selling price to the asking price. Now, you have valid data. Next call several reputable agents. Make an appointment to have the agents see your home. Ask for a comparative market analysis with website images. If possible view the homes which are included in the analysis. Ask for a marketing plan and view the agent's website upon which your home will be marketed. When all is said and done, work with an agent with whom you feel comfortable and who earns your trust. Hopefully,that is the agent who has provided you with the most accurate assessment of the value of your home. Finally, a word about appraisals. Smaller markets like Bainbridge Island, more often than not, find appraisors onsite who do not live on the island and who have not actually been in the homes which they are using as comperable properties. As homes vary substantially, beyond mere square footage and lot size, the value of an appriasal for your purposes is limited.
- Rachel Sartain, "Rachel Sartain"
- Contributions:408
An Appraiser will find 3 sold homes within a specified radius of your house - this is typically .5 - 1.0 miles from the subject property. The comparable properties will be within the same range of size, location, and updates. The appraiser will make adjustments to the comparable sales prices for inferior and superior features. These adjustments will help determine what the sales price would have been if the property was more like yours.
For example:
If the comparable home has a 2 car garage and yours has none, the appraiser will subtract $xxx from the sales price of the comparable to give a price of what the home would have sold for if it did not have a garage.
There are several sources to determine the 'value' of your home - tax assessed value, appraisal, realtor market analysis and zestimate. I always look at all of the above to determine a list price and potential sales price.
For example:
If the comparable home has a 2 car garage and yours has none, the appraiser will subtract $xxx from the sales price of the comparable to give a price of what the home would have sold for if it did not have a garage.
There are several sources to determine the 'value' of your home - tax assessed value, appraisal, realtor market analysis and zestimate. I always look at all of the above to determine a list price and potential sales price.
- skysurfin
- Contributions:2
Find out what similar homes have sold for in the last six months. Also, find out who you're competing with. Review the information from a buyer's point of view.
I found an article online that might help answer your question.
Good luck.
I found an article online that might help answer your question.
Good luck.
- skysurfin
- Contributions:2
Find out what similar homes have sold for in the last six months. Also, find out who you're competing with. Review the information from a buyer's point of view.
I wrote an article online that might help answer your question.
Good luck.
I wrote an article online that might help answer your question.
Good luck.
- Rebecca Gore, "RebeccaGore"
- Contributions:13
Hi
Most Realtors will come out and give you a current market value for your home, free of charge, as well as tell you what they will due to ensure a smooth process for you! Our hope in doing this is that if you like what we have to say you will then choose us to list your home.
Most Realtors will come out and give you a current market value for your home, free of charge, as well as tell you what they will due to ensure a smooth process for you! Our hope in doing this is that if you like what we have to say you will then choose us to list your home.
Your home's value is not a factor of the cost to you--it is a factor of what it's worth to a buyer. A five-bedroom home in Detroit, MI or Des Moines, IA, even though it's exactly like a five-bedroom home somewhere on the west coast, will not bring the same price from a buyer. You'll want professional advice on market value--get a recommendation from a friend or colleague for a full-time Realtor's help. Yes, the Realtor will charge you a commission for his or her service, but it will be well worth it in expertise, experience, your time, marketing. 90% of people who try to sell their own home state that they will never try it again.ÂÂ
- sunnyview
- Contributions:25139
Zillo uses public record information like assessed values, past sales in the area and trends in neighborhood value to create a Zestimate and range of value. It is not an appraisal though. If you are looking to sell, I would look at the recently sold houses like yours on Zillow to get an idea about how much per square foot your comps are going for. Then I would contact 2-3 local realtors for a CMA on your house. They are free and will allow you to get good information about the current market and to hopefully find a realtor/agent that you trust to help you sell your home. A word of caution do not automatically hire the agent that give you the highest CMA value. Your best bet in this market is being reasonably priced not priced for the one exact right buyer who can't live without your house. People with realtors taking that approach are sitting on the market for months and would be better off pricing fairly or even slightly under the last closed sale for more interest and a quicker sale. Do your research on Zillow finding your own comps then call a few realtors to see how they can help.
how do you determine the estimated cost of the home?
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