who puts the market value on a home? Mine is completely wrong and needs to be corrected - not sure how it got on here. I have not listed.
(1) | asked by: Courtney Richichi | share | 23 months ago | Report
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I use this site as an agent for buyers & sellers everyday 3 minutes it takes and builds you a 20-70 page report. Understand it depends on if the property is in a rural area verses a city area! FREE to all agents through NAR Look it up in google since we are not allowed to input any URL! "Realtor Property Resource"
Hello Courtney, Many websites used computer generated data that examines public records, recent sales, and Multiple Listing records. It is possible that the public records on your home are inaccurate and do not reflect additions, improvements or the original square footage. I suggest you start by contacting a Real Estate Professional that can offer you a Comprehensive Market Analysis that will provide you with a better understanding of the market value on your home.
Both market value and appraised value are utilized in the dealings of residential homes, commercial property, retail buildings, farms and land. However there are distinct differences between the market value and the appraised value of real estate. Market values are consumer-driven and appraised values are driven by experts. The appraised value of a property describes the determination of an exact number regarding its value. Appraised values are based on gathered data and the professional judgment of the professional conducting the appraisal. The market value has more variance than the appraised value. Unlike the appraised value, buyers have influence over the market value of a property because a property is only worth what a buyer is willing to pay.
The market value on the house is an estimate. It only uses public information databases of recently sold homes in your area. If your house is on the market, check to see that the county property appraisal information is accurate as far as square footage, number of rooms and bathrooms etc.
National housing websites are just that, National. They aren't local and don't know what your home is really worth. If you had 3 foreclosures in your area recently for example and they sold below "average market value" that will impact your home's value on these sites. Same goes for the other direction. You need a local, knowledgeable agent to go over your home and local statistics. It can be frustrating for sure having all these websites scrape information and then appear to be the go-to place for valuation. If you Google your address in 2015, there will be hundreds of websites with your address listed. It's just a part of our random, intrusive world today. You can always try to contact the company and have your address removed.
Where did you see it? Let me know and I can correct it. The real answer is the "market" puts the real value on your home. What the same or similar property HAS sold for in the last 60 days dictates the real trend and the real value. Buyers are buying and when a deal closes that adds to the statistics to what is happening. Call me for any and all help,
Hello Courtney if you are speaking about this website's home valuation it is just a computer generated number based on averages of other homes in your area.
Hello Courtney, I was reading some of these answers and read your question again. Is your house on the market or are you referring to a site that just throws out a value for the property based on averages for homes in close proximity?
I Suggest that you contact a local agent that is knowledgeable about your street/neighborhood to come over and analyze your home. They can provide you with a CMA (comparitive market analysis) - you are not under any obligation to use them in most cases. RE Agents provide free CMAs for people that are re-financing or grieving their taxes too! Does not mean you have to list your home. Hope this helps.
Morning Courtney, My Suggestion is to contact a local realtor that services/specializes in your street/neighborhood. We visit and analyze your home to determine the market value. You would not be under any obligation to use that agent & it does not mean that you are putting your home for sale. I personally have provided the Comparable Marketing Analysis (CMA) for people that needed to refinance, grieve taxes & or were just curious as to what their home is worth. Good Luck to you
Hello Courtney, The services use an "automated value model" or AVM to ballpark the price of homes. It's totally skewed since the AVM is only looking at data. Hope this is helpful.
Hi Courtney. MLS sites are rarely spot on in their valuations. They tend to price things in terms of averages. And since they are not the ones selling the house, then it is up to you and your agent to come out clearly about the price of the property in order to move forward expeditiously. ? Please note the content is not intended to be, legal or investment advice. You should consult a licensed real estate attorney or realtor for advice regarding your individual situation.
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