One strategy to find your home value is use sites like Trulia who publish public records on Real Estate sales. However, these portals will only provide you an “estimate” since they offer no feature to filter for unique features of a home.
In order to be sure that your sale will result in sufficient funds to clear ALL the existing loans including the commissions and closing costs; you should retain the services of a Real Estate broker or agent. This Real Estate agent can request Payoff Demand from your lender(s) to find out the if you can avoid a Short Sale and list your home for it’s Fair Market Value.
And depending on the net amount and your plans, this agent can develop a marketing strategy to help you get the maximum amount for your property. In fact, we have written blogs about strategies to maximize your net proceeds from your Home Sale which we strongly recommend for everyone considering selling their home.
Interview several agents to get a better understanding on how they would market your property to get you the highest possible price. Be weary of the agents who claim they can get you outrageously high price for your home just because a home in the neighborhood is LISTED for a high price! You need to focus SOLD home prices that closed escrow within 1-3 months of today. Also, the sold comps selected to find your home value should be adjusted for size, if the comps are differ more than 300 sqft from your home’s size. Also, if the comps do not match the age of your home, to find your home value, the final valuation has to be adjusted if the homes differ in age by more than 5 years.
In summary, the best way to Find your Home Value is to use the same techniques thank banks use to price their properties for sale. And just like any other valuation method, it takes decent amount of experience to be able to Find your Home Value that can be used to market your property successfully. So the best way to find your home value is to request an eBook on your home which will include Sales, Mortgage History, Recent Sales, Foreclosure Activity and even Fair Market Rents.
Now that your home is not selling, what will you be your next move!? Let us know.