Belt Auction

How can I know my house value?

I know there is a website www.zillow.com, but my house is not listed yet, even, that I bought it 13 months ago... Also does someone call tell me when the real estate in Florida is going to BOOM again? My house value is less than what I purchased it for. This situations is killing everybody.. Too many foreclosures, can't refinance, etc. Why is this happening? Is this going to end soon?

Public Comments

1. The best way is to have an appraiser come out and look do a complete evaluation...by the way free Paris, and I'D DO HER!!
2. First, as to when your housing market will rebound, no one knows. So, I can’t address that issue. However, I can tell you how to determine the market value of your home. I will tell you how to do this but first a word on Zillow and similar sites. I occasionally check Zillow because so many of my clients do (I am a Realtor in Las Vegas). I have found it highly inaccurate (for just one of the suits against Zillow for gross inaccuracies see: http://www.ncrc.org/bestpractices/NCRC_Zillow_Complaint1026.pdf ). From what I have observed, Zillow’s calculation process does not include the price effects of location (next to a busy highway or in a secluded neighborhood), pools and much more. So, I feel that you cannot rely on Zillow or any other similar website for market value. However, here is how you can do a reasonably accurate assessment yourself. To calculate the market value of a home you need to know: 1)What comparable homes sold for in the recent past (less than 6 months) 2)What comparable homes are listed for now Use Zillow (or any other source) to look for similar home sales (same number of bedrooms, same square feet ± 5%, similar age, pool, within about a 1/2 mile, within the last 3 to 6 months, etc.). Calculate the average $/SqFt (sale price / square feet) for the properties. Multiply this by the home’s square feet and you have a reasonable estimate based on comparable sales. For example, if the home is 1,500 SqFt and the average you calculate is $180/SqFt, the calculation will be: 1,500 x 180 = $270,000 Few people (including agents) consider current competition: similar homes for sale. However, if similar homes are selling for less than the comps, the comps don’t apply. To determine the price of your home based on for sales, use a site like www.remax.net or www.realtor.com to look at what comparable homes are selling for. Perform a similar calculation to determine your home’s price based on for sales. Remember that this is based on the asking price for these homes; they will actually sell for less. Next, estimate what homes are actually selling for vs. the asking price. This number may be something like 95% or 92%; it is very specific to your local area. You can usually estimate this by averaging what several homes sold for in your area vs. what they were listed for. Multiply this times the price based on the for-sale. For example, if you calculated $175/SqFt based on sales and estimated that homes are selling for an average of 95% of the asking price, the calculation would be as follows: 1,500 x $175 x .95 = $249,000. The lesser of your home’s price based on comparable sales or for-sales is the most probable market price. Hope this helps. Eric Fernwood Eric@ISellLVHomes.com
3. simply improve your skills be brave and be honest to your self and house
4. Wow, alot of questions. First, about Zillow - even if your house was listed, it would most likely be the tax accessed value of your house for the previous year. As the previous poster said, you need an appraisor to come give you a more up-todate and accurate estimate. The difference could be up to $75k in you advantage depnding on what improvements you have made. As far as the Florida market? That's a tough one. I hate to say it, but although it's a beautiful place, it's a dangerous place when it comes to weather. Sure, if you have beachfront props, they will always be worth there weight in gold. But from what a frind in RE told me, it's becoming increasingly more expensive to insure propert in Florida.
5. A Realtor is truly the right direction for finding the value of your home, Where do to you live? I am a Realtor in the Silicon Valley Bay Area, I could help if you are here, if not I may be able to get you in contact with a Realtor in your area. Zillow is not an exact value of your house value. The Real Estate market goes with the activity in buyers and sellers. So there is no way to have an exact time of when the market will change. Be more specific and maybe I can find you the answers you need. Have a Great Day. Hope this helps. Denise Stuart Coldwell Banker The Real Estate People