Pricing Your Home With Current Sales Data and Accurate Listing Data – Use Two Maps Below
If you’re thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it’s essential to get an honest assessment of its value. An overly inflated figure won’t hold up and will only turn potential buyers away. I have said many times that I turn away as many listings each year as I take. I do this because I am doing nobody any favors by taking an over-priced listing. I have survived in many markets as a Chandler Realtor by employing this strategy. It isn’t fair to you in the sense that I tell you what you want to hear just to take the listing, knowing that in a few weeks I will come to you for a price reduction that I foreknew. It’s best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these three key tips to get a true assessment of a home’s value.
My Experience as a Realtor in Chandler and Gilbert tells me that what you ought to do is go to the map at the bottom of the page and use the map to find your home and then select the recent sales in the area and get an idea of what has sold in the immediate area over the last 90 days (appraisers won’t go further back) and try to see if these homes are “good comps” in terms of features, size, amenities. It is very easy follow these steps:
Find the Value of Your Home Without Having to Call a Realtor – Use The Maps at the Bottom of this Article
In short all you do is enter the address of the subject property into the box in the lower left corner of the map (arrow 1) and then take an average price per square foot of the recent sales and then adjust the price for the prices of the active listings and upgrades to the property. If you need to go further out of the neighborhood, use the zoom feature on the upper left side of the maps and use the sliders to adjust for size and price range! Very simple – below are more details and NO calls from ME 🙂
1. Type your address including city and state and zip in the the box in the lower left corner of both maps below- see arrow 1
2. This will show you the active listings in your area in the top map and recent sales in the lower map
click on map to enlarge
See the map below – for steps 3-5
3. Go to the bottom map on this page and make sure that you typed in your address in the lower left corner (arrow 1 above) Once you have done this you will see the sales in the area show up as purple icons. These are the recent sales in your area
4. You will then want to move the sliders to adjust for the values closest to your home and the number of months to go back to find the sales
5. If there aren’t enough homes to view then simply Zoom Out using the zoom function as depicted in the map below which is to the upper left side on the map tool bar (the left tool bar not the right tool bar). This is what appraisers do; if there aren’t enough sales comps in the immediate subdivision they slowly go further out to find similar comps maybe 1 to 3 miles away.
Final Step: Now you can mouse over each home and track which ones are good comparable sales and once you have found between 6-12 you can take an average of these and arrive at a price. This will give you a basic value of your home, and is what most appraisers will do as well. If you believe that you have upgrades to your home that are not found in the comps you can adjust for these. Things like granite counters are worth maybe $5,000, marble flooring another $2,500, pools about $7,000 and if you have trouble you can always contact me! But at this step CONGRATULATIONS you are done and have done an value analysis like any Realtor and most appraisers!
click on map to enlarge
Some Further Information For You To Use in Valuing Your Own Home
Identify Positive Features About The Home And Property
When seeking an appraisal for a home, it’s important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it’s also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home’s value. Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a face-lift periodically to keep things fresh. This will be taken into consideration during an appraisal. Again this takes us back to estimating what each improvement is worth to an appraiser. The truth be known the only person’s opinion of the improvements that the bank wants to hear is that of the appraiser. This is why I will meet the appraiser at the property if it is my listing or leave a package for the other agent to give the appraiser which will identify comparable sales that I believe will justify the price of your home as well as improvements.
Pay Attention To The Competition
Whether homeowners try to estimate their home’s value on their own or bring in the professionals, it’s important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale. It’s especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual’s home. Looking at the list prices on the fist phase depicted in map 1 above is helpful in determining trends and this is where the real selling comes in; a good Realtor will help the appraiser nudge the prices up if warranted. The argument for this is that if the appraiser ignores market trends, then prices can never increase and we would be stuck in a vicious circle. So a good Realtor will have a talk with the appraiser about this very issue.
Think About Present Circumstances
Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price. However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the home’s value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones’ losses. Here again we can’t “Shovel smoke” and sometimes if an area is deteriorating you have to take the money and run – and mitigate your losses; and if the area is increasing in population and the economy is good – this is the time to have that talk with the appraiser about taking into account growth trends. If your neighborhood is flat and neither growing or declining, it is really up for grabs and an argument for supply and demand will have to be made.
Did This Help
The purpose of this article was to enable you to get a good estimate of the value of your home without having to be “roped in” by a Realtor in using this as a tool to put you on their target prospect list. Additionally this should show you that when you are ready to sell your home, you need to select an agent who knows how to price homes and work with appraisers. If you would click here to read my credentials I hope you would find that I am a premier Chandler Realtor with a lot of experience and success to prove it. I also work as a Gilbert Realtor and enjoy selling homes in San Tan Valley (I own a dozen investment homes there) and I would like to think I am a very good Gold Canyon Realtor.
If you decide it is time to sell your home I would certainly appreciate the opportunity to interview with you as your Realtor and if you need help on this website don’t hesitate to contact me, I promise I will answer your questions and not hound you!
Current Listings Valley Wide
Recent Sales Valley Wide – Last 90 Days