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Determing Home Value; Phoenix AZ - 7/7/2008 3:29:03 PM
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Leydin
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Joined: 7/7/2008
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I'm trying to determine the value of my home and I am not quite sure how to go about it, as this is my first home. Do I need to get an appraisal? If so, does anyone know a Christian appraisers in Phoenix? Are there any alternate methods to determining home values? I do apologize about all the questions, but I have been googling this for a while and have yet to find a satisfactory answer. Thank you.
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RE: Determing Home Value; Phoenix AZ - 7/7/2008 4:37:49 PM
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GroupW
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If you live an a very standardized and dense neighborhood that sees lots of sales of the same type of homes, then Zillow.com can sometimes give you a decent idea. Zillow works reasonably well when the homes in an area are very, very similar to each other - same general size, same general layout, generally built about the same time, same general price range.
If you don't live in a cookie-cutter type of neighborhood, then Zillow won't work very well. For example, in my neighborhood Zillow will estimate home prices that are about double what the homes are really worth.
The best approach is to pay for an appraisal or for a broker's estimate (aka "BPO"). The BPO is cheaper and gives a reasonable idea. The appraisal will be a bit more accurate, but can cost a couple of hundred bucks.
The big question is what will you do with the information?
BT
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"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Determing Home Value; Phoenix AZ - 7/7/2008 9:09:45 PM
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Leydin
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Thank you for responses; both have been quite helpful.
Basically what I am trying to do is figure out whether or not I can sell my home while breaking near even, at least. If the value is significantly less than what I have left on my mortgage, then I will probably have to rent it out until the value goes up (hopefully).
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RE: Determing Home Value; Phoenix AZ - 7/7/2008 10:01:03 PM
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APZR
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From: GA
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When I get calls for appraisals in areas I don't cover, I usually refer them to search appraiserusa.com. Don't know the appraisers personally, so make some calls and find an appraiser who has been in the business since at least 1995. With over 10 years experience, they should have experienced the problem of doing valuations in at least one other similar down market period. However, I also have to say be careful to not use a really old timer who has slowed down to working only part-time in real estate... I have reviewed more bad appraisals from some who are not active full time in the market. In my area a typical residential appraisal will cost $300 to $400 and up, depending on the size of the house and complexity of the assignment.
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RE: Determing Home Value; Phoenix AZ - 7/8/2008 12:09:51 AM
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relady
Posts: 1048
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From: Greater St. Louis Metro
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In terms of whether or not you might be able to sell your home, interviewing a couple of real estate agents and having them provide you with a comparative market analysis would be worth your time and it won't cost you anything. A good agent will be able to work some numbers and figure out whether you can get out of your home without having to bring money to the table.
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RE: Determing Home Value; Phoenix AZ - 7/8/2008 9:39:15 AM
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Row1
Posts: 212
Joined: 12/2/2005
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it sounds like you may also want to get some decent opinion about the likelihood of renting out this home.
if the house is really big, and / or far from major employers, then it will be a challange to rent. if it is a modest size home not far from the city, then it should not be so bad.
you might lose a couple thousand if you sell. but add that up, and compare with what you will lose if you 1. pay the mortgage for the next two years, and receive some estimated rent for only 16 of the 24 months of the next two years - because if it takes you 3 months to rent it out, then a year later they fail to pay rent for two months then move out and you spend another two months getting paying renters in there, you are not gonna break even.
you can get someone in there more quickly if you set a monthly rent, but charge a good bit lower for the first two months. however, a low rent attracts lousy renters.
bottom line - talk to some people who have rented a home or two. it is a challenge. you could lose more money than selling at a loss of a few thousand. and - no one knows how much phoenix will come 'back' - housing prices were way too high because of speculation, so it could be a decade or two before they get back to where they were in 2004.
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RE: Determing Home Value; Phoenix AZ - 7/8/2008 11:14:47 AM
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GroupW
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quote:
ORIGINAL: Leydin
Thank you for responses; both have been quite helpful.
Basically what I am trying to do is figure out whether or not I can sell my home while breaking near even, at least. If the value is significantly less than what I have left on my mortgage, then I will probably have to rent it out until the value goes up (hopefully).
In that case, Zillow.com will do you no good - you need a much closer approximation of value than that.
I think relady's comment is on target - a realtor's market analysis should give you an approximate value that's close enough to make a decision on whether or not to market the house. If it's a high-cost area, an appraisal could make sense but I don't think it's necessary to spend the money right now. Just talking to the realtors that are active in your locality should be sufficient.
As far as renting, I'd probably not recommend it for the average person - it's a serious investment in both time and money. Before I'd say that definitively, what's the reason for renting it out? Is there a reason you can't stay in the house and wait for the market to improve?
Good luck!
BT
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Determing Home Value; Phoenix AZ - 7/8/2008 3:53:33 PM
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Leydin
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quote:
ORIGINAL: APZR
In my area a typical residential appraisal will cost $300 to $400 and up, depending on the size of the house and complexity of the assignment.
Thanks for your advice. I just want a rough estimate right now so I'm not willing to lay down that much money, but in the future I will be wary of part timers and those with less than 10 years of experience.
quote:
ORIGINAL: relady
...interviewing a couple of real estate agents and having them provide you with a comparative market analysis would be worth your time and it won't cost you anything...
I will probably end up doing this because I want to spend as little money as possible right now.
quote:
ORIGINAL: Row1
...you might lose a couple thousand if you sell. but add that up, and compare with what you will lose if you 1. pay the mortgage for the next two years, and receive some estimated rent for only 16 of the 24 months of the next two years - because if it takes you 3 months to rent it out, then a year later they fail to pay rent for two months then move out and you spend another two months getting paying renters in there, you are not gonna break even.
This is actually something I had not considered (is my inexperience showing yet? :D) and I do thank you for bringing it to my attention. I plan on leaving this state and having rental issues like this will just make life extremely hard for the wife and I.
Before I'd say that definitively, what's the reason for renting it out? Is there a reason you can't stay in the house and wait for the market to improve?
Well, to be honest we (the wiff and I) are quite tired of living in Phoenix (weather, people(not all), pollution, etc) and are ready to move. My parents are leaving too and they refuse to stick around just because of their house and I kind of feel the same way. Unfortunately we are not as secure as they are so we cannot afford to take a huge hit to our credit or ending up paying on a mortgage for a house we no longer own. So I am just trying to get a feel for what we can do
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RE: Determing Home Value; Phoenix AZ - 7/10/2008 3:46:17 PM
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2shaye
Posts: 5424
Joined: 4/12/2005
From: So. Cal.
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All you need to do is call a local realtor and ask for comps on your house. They should be able to tell you in a matter of minutes over the phone. I would recommend sticking with a larger real estate company, and a realtor that has been in the business for a while (10+ years). Do you ever get stuff dropped off at your house by a realtor - notepads, calendars, etc? If so, call them first as they are probably "farming" your neighborhood and would know a lot about it.
Good luck!
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RE: Determing Home Value; Phoenix AZ - 8/2/2008 5:22:05 PM
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dianetavegia
Posts: 2012
Joined: 8/23/2005
From: Southern Baptist, Non Calvinist, Pro Life Ga. girl
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I hope you aren't looking to sell your home! Houses on my street are selling for almost $20,000 less than they sold for NEW, 7-9 years ago. OUCH
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RE: Determing Home Value; Phoenix AZ - 9/24/2008 12:23:09 PM
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2shaye
Posts: 5424
Joined: 4/12/2005
From: So. Cal.
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Diana, people here in our area would be THRILLED to only loose $20K. The houses on my street are asking $200k less than they did just one year ago!!!! 9 years ago it was about $350 less!
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