There are now several public websites where you can estimate the value of some homes in Michigan. All sites are in Beta (testing mode). I recommend taking some time to play around with these sites. Try it on your home or a family member's home. I do not believe any of these sites would give an accurate range for a split level home (bi-level, raised ranch, tri-level, quad-level) It would also be difficult for these sites to determine a correct range for a lake front or lake view home. There are no adjustments available for these variables.
So far, I was able to find and try the following sites with a home that appraised for $172,000 in 2005. Home has 3 bedrooms, 2 baths, was built in 1941, and has an above ground living area square footage of 1250 sqft.
Cyberhomes.com used data from public records which indicated the home had 4 bedrooms, 2 bath, built in 1941, and 1021 sqft. Estimated value was $178,568 with a range of $160,711 to $205,353. After I made adjustments on the site, the estimated value was $181,000. Be careful about making remodeling adjustments, the values are from 2005, which was higher than 2006. Comparable home sales should be in the last 6 months if possible.
Zillow.com also indicated they used data from public records. Their data indicated the home was 4 bedrooms, 1.5 baths, built in 1941, and 1021 sqft. Their Zestimate estimated the homes value at $153,154. There was a range from $136,207 to $192,947 for this home. After I made adjustments, the new value was $160,262. Again, be careful when making adjustments, the values are excessive. This site contains several homes that were not comparable.
RealEstateABC.com indicated the same amenities as Cyberhomes.com, which was 4 beds, 2 baths, 1021, sqft and built in 1941. Their estimate was $165,000. This site gave no range. After I made adjustments, the new value was $169,000. Again, comparable sales should be within the past six months.
The following additional sites also provided some information as to a range of value for this home. There were no allowable adjustments for these sites and they gave little information on the home.
Realtor.com provided a range of $56,000 to $182,000.
RealtyTrac.com provided a range of $118,538 to $144,880
QuickenLoans.com provided an estimate of $169,500 with a range of $168,700 to $170,200. Mortgage information had to be provided to obtain the estimate.
Why do I provide you with this information? These sites, while fun to play with, utilize public records information. This information is only furnished once per year. While some of these sites do appear to update their information with current sales, they cannot take into account concessions paid by home owners.
Approximately 85 percent of homes sold in 2006 had concessions by the seller. This information is not sent to the County for inclusion in public records.
You do know that it's not a REALTORS job to price your home, right? We assist the home owner in narrowing down their price range. We also educate clients on correclty positioning their home to sell. In fact the above information plus some, I send to homeowners for free. My job, and the reason I'm referred, is to protect you during the process. Work to protect your best interests to the best of my ability. Tell you when I think the other side is bluffing and when you should hold your ground. I educate clients how not to get double-dipped on price AND inspection repairs. My REAL job is just beginning when most people think the job is done--when an offer is made or received.
What did I get for this home? Information from Realcomp II MLS sales data provided a range of $150,000 to $171,000 with no comparable home sales during the past 90 days and only 3 in the past 180 days. Oakland County data for recent sales in the immediate subdivision gave me a statistical comparison range of $146,931 to $175,633 Concessions from sellers were not included in these numbers. Complete Market Research would provide you with a closer determination of range.
If you have any questions about this procedure, or would like an online evaluation of your home in
Oakland, Livingston, or Wayne Counties, feel free to contact me, I'm always available.
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