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-Determining
a Sale Price
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Tips
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WHAT IS MY HOME WORTH
If you are considering
selling your home, you may want to ask
yourself the following questions: What is the value of my
house? How much can I sell it for?
In most areas of the country the price of homes have been
appreciating over the last several years. Now may be the time to
cash in and sell yours. However, you must first determine how much
your house is actually worth.
Americans have long measured real estate as a spectator activity, but
with the manner in which home prices have been increasing over the
past five years, the game has gotten a lot more significant. But
what is the actual value of your home? There is a strong chance that
it may be more or less than you think.
Getting an Estimate Online
The price of property has been growing at double digit levels in
some city and suburban neighborhoods, it's simple to look at what
price your neighbor sold his house for and calculate what your paper
profits would be. However, that is not enough for most homeowners,
who want to determine the bona fide numbers from the convenience of
their own computers and the Internet.
To compute your home's value, begin your search at the website
Domania. Type in an address and
the website will spit back what it thinks your property is worth. A
great aspect about this site is that the property value search is
free of charge. However, the website does not have complete data for
all neighborhoods, so for some properties, nothing will turn up.
This year, Equifax, one of the major
credit reporting bureaus
launched a home valuator product. They provide a range of possible
values for your home by using home sales data from secondary
mortgage market lender Freddie Mac. In addition useful information
like the property's current tax bill, square footage, and some
amenities. The home valuator costs $5.95 for each address that you
look-up. However, when
StarLoanServices.com tried it out, we found that it missed the
real sale sales
price by more than $200,000!
The problem with this service is that it does not take in all of the aspects of your
house. They are simply providing you with a broad market value for
your home without considering the character of your house. Meaning,
the work that you have done to upgrade your home and anything that
makes your house unique from others in the neighborhood.
Comparative Marketing Analysis from Real Estate Agents
Getting a precise value for your home online it likely going to be
hit or miss. A good idea would be to invite three or four local real
estate agents into your house to do a comparative
marketing analysis.
They will be looking at all the aspects of your house. They will
provide you with
comparable sales in your neighborhood, compare them and provide you
with a reasonable estimation of the
price of what they think the public will be willing to pay for your
home.
Not only are your local agents going to be the most accurate source of information on
what your property is worth, the comparative marketing analysis that
they will provide you is going to be free.
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