New York Times

New York Times

Getting serious about your house and the market It often is difficult for homeowners to objectively value their homes, which often reflects their sense of personal style. However, by consulting with a REALTOR ® , using online resources, investigating neighborhood trends, and soliciting the opinion of friends, homeowners can arrive at a reasonably accurate appraisal.

KEEP THIS IN MIND • REALTORS ® and real estate appraisers are the best sources of information on current market conditions. Consumers should begin the home valuation process by consulting with their REALTOR ® or a local real estate appraiser.

REALTORS ® can provide homeowners with a list of homes that recently have sold in the area, and use that data to help determine the most accurate and competitive price for the home.

• Homeowners also can contact their local tax assessor’s or county clerk’s office, many of which post
real estate transactions on their Web site. The records will indicate what properties have recently
sold in the neighborhood and the respective sales prices. Consumers should look for homes that
have sold within the last six months for a more accurate picture of current market conditions.

• Online sites such as Zillow.com and trulia.com also provide free online home value estimators.
Consumers should be aware though that these sites derive some of their information from public
records, including tax appraisals, and are subject to error.

• Some real estate experts recommend homeowners attend nearby open houses to see how their
homes compare in size and amenities. Consumers also can consult the Marshall & Swift
Residential Cost Handbook, which professional appraisers use to assess the value of features such
as fireplaces, three-car garages, and the like. The handbook costs $300 and is available in some
business school libraries. An online site, swiftestimator.com, enables homeowners to conduct an
item-by-item calculation of the value of the home. Online sites and books only should be used as
guidelines though, and homeowners are advised to contact a real estate professional to help
determine the current value of their home.

To read the full story, please click here:
http://www.nytimes.com/2009/11/05/garden/05appraisal.html?_r=1&ref=realestate

Richard.dorr@SmartClickRealty.com