The e-Market Analysis is a free home value estimator in the St Cloud area. I wish that I could cover a larger area, but I can only manually figure out estimates of home values in areas covered by the St Cloud MLS (Clearwater, Clear Lake, Becker, Foley, Rice, Avon, Albany, Cold Spring, Rockville, Richmond, Kimball, Annandale, St Stephen, St Joseph, Sauk Rapids, Sartell, Waite Park, and St Cloud). Outside of this 15 mile circle around St Cloud, MN my effective range drops drastically. I can sometimes get you in touch with someone locally that can help, but I can't guarantee that they have the resources to pull this off.
How does the e-Market Analysis work?
Every month I scan the MLS to get average prices on specific home amenities for specific areas. By utilizing these prices, plus the current listing and sold prices of the best comparable properties on the St Cloud MLS, I can get a fairly accurate estimate of value.
What makes this different than other home value estimators?
1) The e-Market Analysis uses only the most current data from the St Cloud MLS for comparisons. 2) The e-Market Analysis is performed by a human to make sure that only the best comparable properties are used. 3) The e-Market Analysis can generally be delivered within a few hours of request (depending on my schedule that day). 4) For an non-viewed property analysis, it is amazingly accurate. Granted, the specific amenities and condition of a home can move the final market value up or down accordingly.
What have I learned in doing these e-Market Analysis'?
1) I learned that many people do not want to hear the potential sales value of their home. When I first started doing e-Market Analysis' in 2006, I had several people tell me that I was crazy and that their homes were worth thousands more. As it turned out, there have been 8 homes that have been listed for sale with a different real estate agent after an e-Market Analysis was performed. All ten have sold at or slightly under what the e-Market Analysis said. They also averaged more than 6 months on the market before they sold. If you have an e-Market Analysis performed and you feel it is inaccurate, give me a call. If I stop at your home there might be something that I am missing. Which brings me to my second point...
2) Some homes don't fit into boxes. What I mean by this is that certain properties just cannot receive good numbers without being seen first. It seems the more unique the property, the bigger the difference between the e-Market Analysis value and the actual value.
If you are interested in finding out what your home might be worth at a time of sale, visit http://www.stcloudedina.com/e-MarketAnalysis.html and I can have an e-Market Analysis out to you within a few hours. Also, if you know of some other good value estimators available on the market, I would love to check them out. I have tried Zillow's Zestimates before and it just doesn't have enough data to be accurate in Central Minnesota yet.
Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty in St Cloud MN
www.StCloudEdina.com/blog - REAL ANSWERS for REAL ESTATE in St Cloud, MN
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How much is your home worth? Well, it all depends where you live.
The real estate market is still shaking. New data suggests that home prices have hit a new record low. In every new study that comes out, homeowners from Miami, to Las Vegas, Phoenix and Los Angeles, have seen their home value go lower every time.
Is that disappointing? Of course it is.
Should we sell? Is not a good time.
Should we stick to it? Yes, if you can.
Have we hit bottom? Nobody knows.
Banks are facing their worst foreclosure crisis.
Don't take me wrong, it's good if you are in the market to buy a home for yourself or if you are an investor, but if you are not, and you own a home, most likely the value of your property is down at least 15 %.
Why do banks care if you are loosing your home? By having to sell repossessed homes, banks have to literally slash their prices down. It gets very costly for them, after all, they have to pay property taxes, maintenance costs, and whatever utilities that need to be paid, all of this expenses for a house that it's just sitting there, vacant, and the bank is getting nothing in return.
The latest study by the S&P/Case-Shiller Home Price Index of 20 cities, revealed the news that for 22 consecutive months home prices dropped. Only from April to May, 2009 the decline was of 0.9 %.
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