A Zillow user, preparing to sell her home, recently inquired about finding the value of their real estate in the Lee's Summit, MO area.
We would like to know what our house is worth in this present market. I'd like to get that online if possible. Please advise.
Team Gipple Response:
You have several options: There are many online real estate sites that can give you an estimate of value. I've found these sites, much like tax assessments, are based on a few data points such as sq footage, number of bedrooms, neighborhood sales data. In the matter of my own home, I found the estimates to be extremely low.
You could hire a local real estate appraiser. They will establish market value of your home based on a very complete comparison of your home vs. similar homes that have sold in the area. This will be an expense of around $400-$500.
Another option would be to have a local Realtor visit your home and give you an estimate. Like an appraiser, they will evaluate sales data from similar homes in the area that have recently sold. A Realtor can not only give you an idea of the market value, but also what you could, in their professional opinion, likely get if you were to sell. This is not always the same number as the market value- as the potential sales price would also factor in how many other homes are for sale in the area, how does your home's features and condition compare to competing homes for sale, what price points has the market not shown to bare (expired listings), etc. This is free and there is no obligation to use the Realtor's services. An evaluation can be done over the phone, but will not be as accurate as an in-home visit.