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what is the formula for estimating the worth of your home?

We have a 5300 sq. ft. wooden frame historic home. There are 4.16 acres. Only downstairs rooms have been restored. 
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May 28 2011 - Hurley
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Answers (4)

Hello Delta Belle,
There is no secret formula per se. What you do have to have are recent sales in the area within the last 6 months with as many similarities ( such as age, size, #bedrooms, #baths, amenities, updates, # acres) as possible. Not for sale prices but closed sales. This is where a Realtor that has a local MLS could plug in those numbers and get a working parameter for you to price a home. If no MLS, then you would need to contact a local appraiser and hire them to appraise the home. If you happen to know an appraiser, and not have to pay for one, then that would be a nice thing to have.
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May 29 2011
Great answer Brian! The best advice I could give would be to contact a local Realtor, for a market analysis of your property. By using similar homes and recent local sales together you can come with a good marketable price. Good luck! [edited by Zillow moderator, please read good neighbor policy]
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May 28 2011
Thanks for your question "delta belle".  There is not a "formula" of any kind that can estimate a home's worth.  The ultimate worth of any home is set by the buyer and what they are willing to pay and/or the institution lending out the money.

I suggest you contact a local Realtor and have them come out and perform a market analysis for you.  This will show you what comparable homes have sold for and are on the market for currently.

If you would like a referral of some good Realtors in your area, I would be happy to provide and reasons why they are good!

Good luck, hope this helps.
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May 28 2011
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Zillow's Zestimate is calculated off the publicly available facts.  They assume average condition, and restorations etc are best called out in the "my estimate" option.
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May 28 2011
 
Related Questions
what is the formula for estimating the worth of your home?
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Latest answer by Mindy Dotson
May 29 2011 | 4 answers
  • Asked by delta belle
  • In Pricing
  • May 28 2011
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