What’s it worth? Well, you need a Comparative Market Analysis or “CMA” This is not a licensed appraisal, however it does offer terrific general info on the Real Estate market around your home. Oh, and as opposed to an appraisal it’s FREE.
This truly is the most asked problem I ever get, even more so than the ones about foreclosures. You see foreclosures come and go with the Realty cycles. Everybody at some time or another would like to know exactly what their home is worth.
Occasionally it is for the obvious reasons; they are preparing to offer it. Other times they are refinancing it, doing remodeling, or attempting to reduce their taxes. Whichever is the reason you need to know, I can help in the Irving Las Colinas location this is generally how it is done …
Very first I ask the customer what is the reason they would like to know.
(Let’s assume it is for a sale in this little presentation).
Next I go to the Dallas Central Appraisal District to search for the home.
I then go to the MLS and see what homes in comparable size and features have sold in the location of the subject property. I also look up what houses have actually expired, which tells me the ones that are typically overpriced. I then search for all the homes that are currently on the marketplace in the same area as the patient property.
With this information I can tell you the typical list prices and average price per sq. ft. of homes that have actually sold, as well as the ones wasting away on the market.
I then like to go to the subject home to see if it falls in line with typical conditions. If it is in terrific shape and has been completely renovated I would provide it an above average rate per sq. ft. If it needs a great deal of work, then it will get below average cost. If it is ordinary, well then it’s ordinary.
Last I gather all my information and plug in the numbers I feel it will cost (generally it is a small array) and present it to the seller. It is a bit more complex, and it takes more than these few paragraphs allude to, however I am happy to do it for my clients, as would most Realtors.
Even if you actually haven’t got an excellent reason to know exactly what your house is worth, it still is fun to discover. So call me, and let’s see “What’s it Worth”.