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Answers (4)
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hi killjoy...you have received great answers so far, keeping in mind that appraisals are the "official" opinion, obviously it is also the most expensive if you do not count your time and efforts assessing values from other sources. All valuation methods have some drawbacks, however, and the only other method I can suggest is time on the market. This is also a low cost option. But the longer a home languishes without being sold pretty much says it is priced too high to me! Hope this helps...Jim
- Din Khaled, "Din Khaled"
- Contributions:35
Consult a Realtor and ask for advise - FREE. If you are working with a Realtor this should take him only half an hour. You have to let the Realtor walk your house.
Hire an appraiser - 350.00 to ____!! .
Use Zillow or ZipRealty to find sold houses in the area. Make sure they are almost same feature and you are looking at last 3 months sale. If you have further question consult a professional.
Hire an appraiser - 350.00 to ____!! .
Use Zillow or ZipRealty to find sold houses in the area. Make sure they are almost same feature and you are looking at last 3 months sale. If you have further question consult a professional.
- real estate mike
- Contributions:2001
you have several options. I'm assuming you're a buyer looking at properties. You can see how far off the asking price is from the tax assessment, although this is sometimes not a good option. You can ask the seller to share the comps they used in pricing their home. They could have left out a low comparable and deceive you. You could also have your buyers agent prepare a cma for you. In addition, any property you make an offer on you could state that the sales price must at least equal the appraisal value or the sales price is to be amended. Appraisers will use comparables and so should you. best of luck
- Jeff Konstant, "jkonstant"
- Contributions:1970
Find out what homes have sold for in the last few months. This will allow you to learn what the average and median prices were. Then do the same thing with homes similar to the subject property. Both of these will give you an idea of what extra value for things like pools, garages, corner lots, interior lots, etc.
Finally, you need to determine whether you are in a declining market or not. Most are still defined as declining even though there may have been a recent bump in sales. You should determine the value today and also what the value might be in a year, two or three. No point in paying today's value just to lose 10% or more in a year.
what's the best way to determine if a home is overpriced for the neighborhood?
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