I'm trying to find out the true value of my home.
My home was appraised at 330,000 at the time of purchase. It sits on a 1 acre lot that was combined with an adjoining 20.3 acre lot by the previous owner. They are assessed separately. the home n 1 acre is assessed at 313,000 and the 20.3 acres is assessed at 125,000. should I get a reappraisal?
(0) | asked by: jerry baker | share | 15 months ago | Report
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Viewing Answers 1 - 16 of 16
Hello Jerry, are you looking for a refinance or are you planning on selling? A CMA, comparative market analysis, can be done by any agent/broker for a market value but ultimately an appraisal is the solid number. Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Greetings Jerry, I am happy to put your homes information into my RPR program. RPR stands for Realtor Property Resource. I will then pull all homes that have sold in the last 60 days that are similar to yours. Once entered it will asses a value to your home. This report will then be emailed to you to view. It should give you a overall snapshot of value based on recent sales. I hope this helps!
The only way to do this is to have a local realtor to your home or hire an appraiser. the online zestimates and estimates are very inaccurate at best.
Hi Jerry, I would get a local realtor to assist you in finding not necessarily the true value, but the top value of your home. Value estimates and appraisal estimates are opinions of the real estate agents or appraisers, but the true value of your house is when you find a buyer who is willing to buy your property at your agreed price and confirmed by the appraiser of the buyer's lender. With the help of an experienced realtor, you may be able to sell your property at top value higher than your expected proceeds, instead. Several websites giving out value estimates may not be accurate enough as well considering different variables such as the date of sale of comparables, condition and upgrades of the subject property.
Hi Jerry, You did not say how long ago the purchase appraisal was done or if you had a specific reason for the wanting the current value of your home. If for curiosity only, ask a local Realtor that has experience with homes and larger lots. If for a refinance or HELOC loan, your lender would require an appraisal. And of course, the value varies on location, condition of the home, and type of lot (level, hill, road access, etc.)
If the purpose of the evaluation of your property is for listing purposes, most realtor will offer an opinion of value using one or more of the tools in the MLS system. This is usually quite close, unless you have a lot of variables...new improvements, pool, new roof, new AC etc.
Either have a realtor do it for you, or an appraiser. The true answer lies in your intent. If you intend to sell start with the realtor, they may even recommend the appraiser look at it too. Hope this helps!
Sounds like you made a great buy. If you are planning on selling get a realtor to do a market analysis for you. A good realtor should be able to show what the value is is conjunction with the market. If that is not sufficient than pay an appraiser to do an appraisal report.
The actual value of any property is what a willing buyer is willing and able to pay for said property. If your plan is to sell the property, I think I'd save the expense of new appraisals and if a bona-fide buyer shows up either they will buy without appraisal or if a loan needs to be obtained, let the buyer pay for their own appraisal.
We as local Realtors do this every week for clients. Our statistics are the best you can get because we also have local market knowledge to add to the statistics. A good Realtor will be able to help you, but you can expect the agent will want to have a short visit to the home for the best estimate possible. There is no charge for this service.
True value of home refers to the willingness of buyer to pay for home. If you want to find your best and most accurate way to get true value of your property then you should compare your home property to recently sold properties nearby you or you may consider a well expertise real estate agent who is able to analyze local market trends and compare them to determine true value of your property.
Ask a realtor such as myself to prepare a CMA (Comparative Market Analysis) for you, free of charge, and I will provide you with the most accurate assessment of what your home would sell for if listed on today's market. You can give me a call, or shoot me an email, with your address so that I can look up the square footage and number of bedrooms/bathrooms in order to see what recent homes in your area have sold for and at what prices, break it down by price per square foot, see what your home has that these homes do not, and arrive at the most informed value for you to use.
I think Rich Reed gave an accurate response, and most answers will be similar. To get a better idea on pricing, yes, have the property appraised. However, always keep in mind; "A property is worth what someone is willing to pay"
It depends on if the appraisal was done more than 3 to 6 months ago.
Depends on what you are looking to do with the information. Is it for you personally? Or looking to get a fair market value for another reason? Your best and most accurate way to find out what your property might be worth is to get a few local realtors to give you a cma on the parcels. The appraisers job is just to justify a number on a contract to the bank, for lending purposes.
It depends on why you need a "true value." The only "true value" is that which a willing buyer will offer and comes from putting your home on the market. Realtors can give you a Comparative Market Analysis. Appraisers can do their market value estimates, but it's not an exact science, either. I would need to know more about what your requirements are to make a recommendation, but on the other hand appraisals are not that expensive (usually less than $500).
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