How To Determine Value Of House?
Hey there,
I thought I knew how to determine the value of a house - I'm looking on RE websites to see what similar homes in the area are *listed* for. How do I find out what nearby, similar homes *have SOLD* for?
I know I can also call the county assessors office, but they haven't done a tax assesement in this area since the Height of the RE boom during the ".com" fluourish. So I know those are high end estimates only.
Thanks in advance!
A realtor should be able to give you comps or comparables for the neighborhood. Also there are services, dataquick, for instance, that can give you this information (may charge). I even believe yahoo has info on the real estate section.
Also, don't count on the tax assessor's office being accurate.
Best of luck on your search
I am interested in this info also. I tried www.yahoo.com but none of the addresses I fed into it from my area returned any results. Lately theonly place I have found any true values is when the real estate transactions are printed in the paper, but these are not timely enough for me. I would be willing to pay for this service (a website) if I could find one. Let me know if you find anything reliable.
Lorraine :-o
HAve you tried REA. GO here****Must Reach Freshman Investor status before posting URL's***
Here's my sources:
-tax assessor's website. In maryland, we can find recent property sales on certain streets
-MLS. Get a RE agent to help you perform comps. Look for similar build, bathrooms, sq ft, lot, and features
-Bank of America Homeworth. This is a site I use to quickly estimate what a home may be worth. In the Baltimore area, this shoot close to the mark, or sometimes a little high.
-network with other local investors. When I have questions on what a house may be worth, I call up a couple investors to help me figure it out.
Hope that helps.
John
Can someone provide a formula to figure out the fair market value by using the ratio and tax assessement numbers. Your help is very much appreciated. :-D
HouseHunterUSA,
For finding property value, when asking a realtor, do they charge for their service, if the property is not in their listings?
I bought my house about 1 year ago and have kept in contact with the Buyers agent I worked with.
She has pulled comps for me with just a simple phone call.
just an idea
Whenever determining value of a potential property, you need to run at least 2 sets of comps. I would recommend you run MLS comps backed up by Title Company comps. MLS comps are really not that hard to get if you are dealing with realtors. Simply ask them to give you their MLS codes in exchange for them writing all of your offers. The MLS is a breeze to navigate in. In terms of Title Company comps, if you contact a title company such as
First American Title or Commonwealth and promise to purchase all your title insurance from them, they will give you access to an online title company program that you can run a property profile and comps from your own computer. Go to www.Firstam.com and
www.niteowlplus.net to sign-up.
Another thing you must do is check the
MLS to see what houses in that area are
being listed at. You want to see what your competition is selling for.
Best Riches,
Jeffrey Adam
[addsig]
Jeffrey,
I also read your reply on the other topic about getting list from title company, but this one is also helpful.
thanks
bayu