How did you determine the value of your home? Appraisal?

[anonymuse]

How did you determine the value of your home? (I'm fortunate enough to live in a townhouse where the only difference is end unit vs middle units.)

Did you pay for an appraisal? Home evaluation by a realtor? Research identical units at the county records? Go by value stated with your property tax?

Also, anyone have the value challenged at their hearing?

Note: I know appraisal is the best way to go, just trying to avoid the $350.

[Minnymouth]

Check your property taxes and see what your paying.....

Also research other units in your area and what they are selling for right now.....

If the Trustee does not agree with the amount he will order a appraisal at your expense......

I used my property tax value on mine.....

Don't blame you trying to avoid paying $350 for the appraisal..

[anonymuse]

I was in with a bank investigating refinance options yesterday, and she couldn't believe that the townhouses were going for less than the value used to ascertain property values. (Not sure if the correct word to use for that is an appraisal.) So she got onto whatever system she uses and found them going for 85-95% of the town's "appraisal".

OT: You're 524 Days and counting in your sig scares me everytime I see that!

[SinkingFast]

If you don't mind putting on a face and playing a little game, you can get a very good idea for free.

The banker probably accessed the MLS. Multiple Listing Service. If they issue home mortgages, they probably have access to the MLS. It's the same service Realtors use to buy and sell homes.

The MLS is also the same service that Realtors use to prepare CMA's. Competitive Market Analyses. And appraisers use to prepare Appraisals.

Call 3 different Real Estate companies that are selling homes in your area. Act like you are interested in possibly marketing your home this spring. You are considering your options and want to get an idea of the market value of your home, their services, etc.

Each Realtor will access your property assessed valuation, square footage, #'s of BR's and BA, etc, with the County. Then they'll access the MLS looking for "comps". Homes comparable in square footage, BR's BA's etc. That's all before they ever show up at your house. When the Realtor arrives, they will have a prepared presentation for you that will show at least 3 similar type properties that have sold and closed within the last 6 months. After a quick walk thru of your home, the Realtor will adjust for things you have or don't have as compared to the comps, and give you a Fair Market Asking Price recommendation.

The reason I'd suggest having at least 3 Realtors do this, is sometimes you don't get the exact same comps from each Realtor. If you can get a Realtor that's a Broker, that's even better. They're higher up in their education level of Real Estate Law and Property Valuations proceedures. But, you'll get a good average number to work with that will be pretty solid. Even when compared to an appraiser who get's paid just because they are trained and Certed.

[anonymuse]

I've played the game a little so far. One realtor gave me 3 comps that were 6-10K below my appraisal. (Insert happy dance.) Then I asked her to look up three other units that I know sold in the last year (none have sold in the last 6 months and 2 have been on the market for a year--since brand new units are being built this year (versus buying a unit that is 8 years old) some are opting to wait for the new units with the updated and upgraded features/floor plan).

[SinkingFast]

That makes it tougher when there aren't comps that sold and closed within the last 6 months. Realtors and appraisers will go back a year. But they don't like to look back much beyond that.

I can perfectly understand how the new housing would affect existing. Why pay the same money for older and worn when I can have NEW!!

Geee, let's see. Better quality construction, maybe??!!

[anonymuse]

Oh, believe me, the quality has definitely changed! I was the third person to move into the townhomes and thank goodness my dad went every few days to check out how things were going. I'll try to be politically correct and say that they had issues with "undocumented immigrants" and not having the same workers day to day.

[Michelob]

I'm just a renter, but I see the value in "shopping around." My goal, believe it or not, is for us to buy a house within 2 years