House Values 101
July 27, 2008 by Carl Chapman
Filed under Carl Chapman
Finding the current value of your home takes effort. There are folks that like to take shortcuts and use the instant results on sites like Zillow, but these are seldom very accurate.
To find out your houses value call me, or for the do it yourselfers out there, follow these steps. You should find a house value close to reality. Just remember, there is no substitute for an appraiser. Even a Broker Opinion valuation only goes so far.
Here is a quick guide to try out at home.
Use my Arizona MLS – IDX to search the MLS and find homes near yours. Use the IMAPP system at Maricopa County to find data from the county assessor. Shake or stir.
Find comparables, or homes that are like yours that have sold recently. They should be as close in distance as possible from your own home. Not more than a mile, unless your home is built on a large lot. It is best is if the home is the same model as yours, in the same subdivision and build by the same builder in the same year. That is asking a lot, but I have to ask.
Recent sales in a market like ours really means 3 months or less. Finding homes that are under contract and those already listed helps determine competition. Look at the amenities of the other homes and compare them to your home. Do you have a pool or a three car garage? Did they?
Find at least 3 homes that are as close to your home as possible. The average price of these three is likely the value of your house.
There are lots of factors that impact the price of a property, so only use this information only to amuse your friends and family. When you really want to find the value of your house, give me a call. I will be happy to help you out.
