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Real Property: How To Determine Market Value


Real Estate Web Sites

The quick and easy way to determine the value of your home is to check web sites which show actual sale prices rather than just listings.For example, see:

Keep in mind that these sites do not send an appraiser to your home. Instead, they collect data about similar properties sold in your area. "Similar properties" do not reflect such value related items as  the condition of the homes, or whether one has recently been renovated. If you dig deeply into the sites, you will likely find an idea of how reliable the site believes its data is in a particular area of the country. For example:

  • On Zillow offsite link, you can click on "About Zestimates" near the bottom of the home page, then, in the "Data Coverage and Zestimate Accuracy Table",  click on "States/Counties."
  •  With Trulia offsite link, look for the "Explore Trulia" menu, then click on "Trulia Estimates"

In addition, keep in mind that:

  • Many listings and prices are out-of-date. Listings are frequently not updated. Prices may not reflect reductions in asking prices.
  • "Days on the market" may be incorrect. Sometimes people reset days on the market by taking the listing off for a short period of time.
  • Some properties to not appaer on sites until after they have sold.

Some of the better known real estate listing web sites are (in alphabetical order):

If you want to confirm the value of your home: Consider the following steps:

  • Look around in your neighborhood. What are they asking for other homes similar to yours?
  • Check in your local country land registrar's office to find out what people have been paying for homes like yours. If specific prices aren't listed, you can tell from the amount of transfer tax stamps how much a home sold for.
  • Get an expert opinion. There are two alternatives:
    • You can hire a qualified real estate appraiser. To find one, ask your relatives and friends, or a trusted real estate broker. In addition, see offsite link
    • A real estate broker can do a comparative market analysis. A broker may do the work for free in the hopes that you will ultimately give him or her the listing.

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