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what's my home worth?

3366 Topaz Ct. Bellingham WA
  • May 31 2011 - Bellingham
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Answers (8)

There are valid points in the earlier posts. The bottom line is your homes value is what a buyer is willing to pay for it in an open market.

Minimize the variables by utilizing an experienced, local realtor (or a couple) or a local appraiser.

The appraiser will cost you up front; the realtor will cost you when he/she sells your home. Either way it is worth the cost to get an experienced, professional valuation.

You will want to check out the credentials/experience of the person doing the valuation and as mentioned, keep it local. I wouldn't give a value on a home in Seattle for a lack of familiarity.

Lastly, if you do not plan to list and sell, use an appraiser.  Realtors only get paid when we sell your home.

  • May 31 2011
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Profile picture for nwhome.us
Sunny, you are so funny, knowledgeable and to the point.
  • May 31 2011
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  • May 31 2011
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"I take exception (sometimes) to Brian said below "2nd and most accurate is to have it appraised."

I would take exception to your point then. What would you say was the second most accurate to determine value? Play spin the bottle on a map with house addresses arranged in a circle?

The fact is that a CMA or an appraisal is only as good as the agent or appraiser doing it. Buyers and sellers looking for value rely on the professionals local market knowledge. If they don't have it, you will not get an accurate value from either an appraiser or an agent.

The most accurate valuation comes from the buyer in a free marketplace and not any professional, but unless you want to sell a professional valuation is the next best thing.
  • May 31 2011
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I take exception (sometimes) to Brian said below "2nd and most accurate is to have it appraised." Frequently the Appraisers are out of touch with the local market. Especially when they come from 100 miles away to do an appraisal. It is the local realtor who has "their finger on the pulse." This is clearly evident when the Appraiser contacts the realtor for pricing information.
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electricaltony,

There are a few types values on a property such as market, loan, and taxable. Each are measured by professionals relative to the value.  A Realtor and appraiser can deliver a market value, a mortgage broker can offer a loan value, and your county's property appraiser will give you a taxable valuation.  Do not rely on any other parties outside of these licensed, professionals.  Good Luck!

Capt. Shawn O'Brien GRI REOS
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  • May 31 2011
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Hi Electiricaltony,
The best way to determine the current worth of your home is to have a couple realtors present what we call a CMA (caparative market analysis), of your home.  It will illustrate what the prospective buyer will use to compare your home's value to others that are similar.  It will also give you an idea of what value an appraiser will give your home, which in reality, is the price a buyer will want to pay, or lower or course.
I have had pre appraisals for my sellers and they can be useful as well.  It is the combination of expertise of a local realtor, who works the market, and the data analysis of an appraiser that will be used to finance the home if a prospective buyer needs a loan.  The adage that your home is worth what someone is willing to pay is still true today.
Good luck to you,
Suzanne Looker
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  • May 31 2011
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Thanks for your question "electricaltony".  There are 2 good answers, one is to have a full time, professional Realtor come out and do a market analysis, the 2nd and most accurate is to have it appraised.

Good luck, hope this helps!
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