| Posted By |
Message |
Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
|
How do I find out what my home is worth?
DH and I bought our house in 2013 with an FHA mortgage. We're toying with the idea of either expanding or selling. We are not in a high-market area (north shore eastern suffolk) but for our area, we have a flat half acre which is rare-ish) and we've done a host of updates.
Are we able to sell? I think I remember being told we can't sell for 5 years? How would I find out how much it's worth after only 3 years?
Thanks!
|
Posted 8/4/16 10:33 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
|
|
Re: How do I find out what my home is worth?
1. You can either pay for an appraiser to officially do a report for you or try to get an estimate on your own by going on Zillow/Redfin and documenting all sales of similar sized homes in your area for last 6 months.
The cost for hiring an appraiser can be anywhere from $ 400-600. Ideally this is the best way to do it because its an independent perspective - but be mindful there could be variations between appraisers.
2. You can reach out to various realtors and have them run a CMA (Comp Market Analysis). They will do this for free so they have a chance to list your home for sale on MLSLI.
When we were about to list I went overboard and did both. The realtors who did a CMA for DH's house exaggerated a lot and encouraged us to list almost $30-50K above actual appraised value. We did that initially and the house just sat and sat until our 2nd agent made DH see the light and drop the price to where it should've been in the 1st place.
Message edited 8/4/2016 12:22:43 PM.
|
| Posted 8/4/16 12:20 PM |
| |
|
Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
|
How do I find out what my home is worth?
I bought my house in 2013 with an FHA loan. I just refinanced into a conventional loan. My house had to appraise for a certain amount. The market got better since buying so we met the value. You'd have to hire an appraiser (about $400) but I just checked Redfin.com and the value they show was the same as my appraised value.
|
| Posted 8/4/16 12:22 PM |
| |
|
Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
|
Re: How do I find out what my home is worth?
Posted by Ian&EmmesMommy23
I bought my house in 2013 with an FHA loan. I just refinanced into a conventional loan. My house had to appraise for a certain amount. The market got better since buying so we met the value. You'd have to hire an appraiser (about $400) but I just checked Redfin.com and the value they show was the same as my appraised value.
Thank you! Redfin shows a nice appreciation, about what we'd hope to get if we did sell. Our area is tough - it's a small beach community with mostly smallish bungalows and ranches, plus newer developments. So it's tough to gauge.
|
| Posted 8/4/16 1:38 PM |
| |
|
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
|
How do I find out what my home is worth?
I would reach out to a realtor. Zillow is very inaccurate. Not sure if Redfin is also.
I just checked Redfin for my house and it's also not accurate.
Message edited 8/4/2016 4:36:23 PM.
|
| Posted 8/4/16 4:33 PM |
| |
|
wakemeup
Member since 10/13 1397 total posts
Name:
|
Re: How do I find out what my home is worth?
Posted by alli3131
I would reach out to a realtor. Zillow is very inaccurate. Not sure if Redfin is also.
I just checked Redfin for my house and it's also not accurate.
I checked Redfin for my house as well (north shore Suffolk) and the last sale price isn't even accurate  Definitely contact a realtor and see about having an appraisal done.
|
| Posted 8/4/16 4:59 PM |
| |
|
|
|
Re: How do I find out what my home is worth?
Redfin is wildly inaccurate for my house.
|
| Posted 8/4/16 5:53 PM |
| |
|
|
|
Re: How do I find out what my home is worth?
Posted by alli3131
I would reach out to a realtor. Zillow is very inaccurate. Not sure if Redfin is also.
I just checked Redfin for my house and it's also not accurate.
This - The Zestimates and other value estimations on consumer sites are driven by computer generated calculations based on interior square footage. But they don't take into account interior conditions, variability in desirability of different blocks/neighborhoods, etc.
A real estate agent can give you a better idea... I mean, no one can predict to the dollar of what a house will sell for, but I usually provide a small range of where I think the value is, and I also provide comparable sales and other reasons to back up my opinion.
|
| Posted 8/4/16 6:58 PM |
| |
|
b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
|
How do I find out what my home is worth?
So crazy-- my house just appraised for exactly what redfin says it is worth ha!
|
| Posted 8/9/16 10:19 AM |
| |
|
