how find out the fair market value of a home?

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April 27 2009 - Portage
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Here's what I'm doing:

I'm using pre-bubble prices (1995-1997) without any appreciation. I think prices will correct below the straight line. My realtor is using a sale price pre-2002 and adding 3% a year, so we differ.

In my market there was a little spike around 1991 so I don't use that.

Current comps are pretty much worthless in my market right now -- everything is all over the map -- but I still look at them and I also look at historical values of comps to verify the price.

Then I look at what I can get for the place if I rented it at 20% lower than its current rental value. I check the newspaper and Craigs List to keep up on the rental values. While I don't expect to get cash flow with a FHA loan, I can hope and get close. The one I'm bidding on right now is slightly positive and it is a multi so I'll be living in one and renting out the other so my PITI is a wash and all I have to do is calculate in my time and materials.

Days on market: I haven't found that particularly usefull except to make a distinction of what is over 90 days. Then I might think about taking it down a little.

I've made 9 offers since January, and got just one which fell out on inspection, so I guess you can say my pricing model isn't working. I keep getting beat on the bids. But I know I won't overpay if I stick to this model and one of these days I'll get one. I don't care what the bank wants me to pay or what others are paying, I just care about what I want to bid -- so I never have re-bid although I received 3 offers to do so. Most of the time I just don't hear from the listing agent so I just forget about it after a week and move on.
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April 28 2009
Contact an agent and ask them to provide you with a CMA (comparable market analysis) of your property. Most agents will be more than happy to provide this to you.  If you are considering selling your home...this is a great way for you to interview several agents before agreeing to list your property. Your agent should price the property right...the first 45 days your home is on the market are crucial.  For the exact value, contact an appraiser. 
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April 28 2009

To get a fair maket value it is important to do a comparable market anaysis for the area within a given time frame.  For instance, if there has been a lot of activity in the neighborhood recently, you might want to look at what has sold and pended within the last 3 months. Pended homes are those still under contract, waiting 'to close the deal'. It's also important to look at how many homes are selling short sale or pre-foreclosure because that will have an affect on the market value.  Appraisers will also take this into consideration when placing a value on the home.

I will be more than happy to assist you.


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April 28 2009

Exactly a Comparative market analysis will tell you what around you has sold and for what prices.  Of course you can also call an appraiser but the real estate agent will give you this free. The appraisers charge but their appraisal is more in depth. Let me know if I can be of any help. I would be more than happy to get you whatever CMA's that you need.  I am local in Valpo.

Valarie

www.nwihomes4sale.com

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April 28 2009
Contact an agent and get a CMA (Camparative Market Analysis) or Contact an appraiser and get a desktop appraisal.
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April 28 2009
 
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