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value of a house

I was wondering how you can more or less know the value of a house?
I'm interested in a house that is priced above the surrounding listed homes, meaning the prices that pop up on zillow. My agent told me that a lot of those homes are actually not for sale or not available, even though they are listed.
The house is in an up and coming neigborhood, totally renovated, but it's priced $200k above the property shark value.
What should be my reference?
Thanks in advance!
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October 01 2013 - Brooklyn
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Answers (2)

Mitchell is right - so many real estate websites skew the home values because the stats are calculated in the masses by computer programs that don't know the areas. Or, the websites don't update their listings often enough, meaning that the values they portray are many months old. In our rising real estate market, these prices become outdated quickly.

We're often asked about what determines a home's value. Here's a blog that discusses the main factors that we consider as real estate agents [Hotlink removed by Zillow moderator. Please see our  Good Neighbor Policy for information.] Hopefully this helps you establish a clearer reference!
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October 01 2013
You cannot look at the "Property Shark" value too much. Remember, when you see estimated values for a property on any given web site or even when the city sends you an assessment of your homes value... it is simply an estimate and it can be very far off from the actual value. This is due to the fact that when these numbers are calculated, nobody actually looks at the house and physically inspects the interior.

These estimates can be very high, very low or right on the money, you never know. I will say that if you are looking at a "cookie cutter" type house, where you see many similar homes in the area that have sold recently, you can average together the prices and figure out the average sales price for that type of home in average condition. Condition plays a big factor in value so that has to be considered. If the property you are looking at is not "cookie cutter" and/or unique in some way (as an example if it is new construction or completely renovated), the estimates you see on line can be WAY off.

In the end you have to do research into comparable and factual sales and then go with your gut. Most people get a good sense of values by looking at a bunch of homes before they actually make their purchase. If you are uncertain, you may need to look at more properties, but also keep in mind that you may discover along the way that you missed a good opportunity.

If I can be of further assistance feel free to contact me direct. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate


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October 01 2013
 
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