If someone were driving down your street, saw your house...?

Question

and came to your door step with a contract to purchase...you were willing to sell, how would you determine the market value of your home?

Answer 1

I'd first go to a reliable realtor in my area that I could trust to do an accurate market analysis even if I had to pay a fee for that analysis...I'd also look though the local paper at the prices of homes for sale in my area, even though that isn't a perfect indication since only the "sold" price determines what the market will bear for any house...then I'd just use good ol common sense.

Answer 2

I'm a little different than most folks.  I would determine the value by how much it would take for me to buy something that I wanted to buy.

We live in a mobile home  on 1/2 acre of land.     If they offered me $150,000. (which is way more than real value) and I know that we could not buy anything that we like for that price, the answer would be 'no'.  

We have lived debt free for about 3 years now and can't imagine mortgage payments or rent.

Answer 3

if it was right on the spot and i didn't want to lose the potential sale, i'd go by the tax value.

Answer 4

By knowing my neighborhood all the time.   I know what the going rate is in my area.   Also having an appraisal is a good idea, and I probably would not go without it,  but I would not hire a realtor, just an appraisal and a lawyer.    

I bought the house next door to the house I was renting without a realtor, paying much less.    Both sides knew it was a handyman special and needed extensive work.  

Online sources like Coldwell Banker's online appraisal or zillow are good starting points, but they have my house way under valued on there because of what I paid for it, but it has been completely gutted and remodeled in the last two years, and the online quotes don't reflect that.   If I were going by them, I would be seriously messed up and losing money.

Answer 5

You can have it appraised by your local PVA, usually at your courthouse.

Answer 6

Any, if not almost all Real Estate Agencies will give you a FREE market analysis (or comp) of your home.

Find one that you trust ( Natl Association of Realtors member) and have them look over the contract as your sellers agent.

As your sellers agent, there will be a charge (commission, 6% of the selling price)

This will give you peace of mind, any unsolictated offer is always suspect, and contracts need too be checked by a professional.

Answer 7

ask a realtor to pull a comp sale value of homes around you compartive to yours, get a appraisal   ;) Lisa

Answer 8

get it appraised

or search around your neighborhood and look at prices for house about the same as yours