Property Value?

Question

How can I simply find out how much a piece of residential property was purchased for and what its value might be? Is there a website that can do this? I live in Illinois.

Answer 1

OK, here it is .. use this link to get the approximate value:

http://www.zillow.com/

and this link will also give you an approximate value with comparative home sales:

http://www.realestateabc.com/home-values/

Hope that helps..

Answer 2

There are several places you can get that information. You can go to the property appraiser's web site for your county in Illinois. Once there, look under property search and search by property address, owner's name or folio number if you have it. Out comes all kinds of information including sales date, price, assess value, tax charged etc. Sometimes, recent sales may not make it to the site for 60 to 90 days.

The Board of Realtors keep sales records if the sales goes through a Realtor. You can find someone that is a member and see if they can get it for you.

Answer 3

courthouse records. sometimes your city will have these online now. do a search on your city's name and find their city or county website and look for property records. It's public information.

PS. This info is helpful, but its not set in stone as to what the property's value is. The property is worth only as much as someone will pay for it. And how much a bank will lend on it (appraisal).

Answer 4

How to value a property during market downturn?

Housing market continues to slump. Now we can calculate true value of a property easily. As price decline, we don't need to guess and factor in the potential price appreciation while calculating home value. Without the guesswork, figures are more accurate.

Let's use following example:

Today, a typical 15 years old, two bedrooms condo/townhouse is priced around $500,000 and $550,000 in Sunnyvale, California. Rent for similar condo/townhouse is $2000/month.

If you are a home owner, $2,000/month in rent means $20,000 a year in profit ($24,000 per year in rent, minus $4,000 maintenance costs). A $20,000 income is equilevant of owning $400,000 bonds or CDs, because current yield of 30 Years U.S. treasuries are 5% (5% of $400,000 is $20,000). Bank CDs have similiar yields.

In our example, the two bedrooms condo/townhouse is 20% to 25% overpriced. They should be priced at $400,000.

It is interesting to note that if we redo the calculation from buyer's perspective instead of seller's perspective, the figures are even more shocking.

Mortgage payment consists of two parts: mortgage interests and mortgage principal. The interests portion is similar to rent. If you pay interest, it disappears and doesn't add equity to the property. To fully simulate characteristics of renting, we assume buyer will apply for a zero down, interest-only loan.

It turns out that rent of $2000/month is equivelant to mortgage payment of a $340,000 loan at 7.0% APR. And comparing $340,000 loan to $500,000 or $550,000 price tag, from buyer's view, the two bedrooms condo/townhouse is 30% to 35% overpriced.

One may ask, why is there a discrepancy between two perspectives of the buyer and owner?

The discrepancy is a result of 2% differences in interest rate that buyer borrow comparing to yields of bonds and CDs that owners would get. We understand that buyer would always pay more. That is the premium of buying to own. However, looking from home owner's perspective, current housing market is probably 20% to 25% overpriced. We recommand investors to wait for a better entry point.

Answer 5

home values Just add 10-15 percent to the values on this site.:
http://realestate.yahoo.com/Homevalues

http://www.wikibroker.com/

Answer 6

zillow.com - local county or city should also have those records.

Answer 7

township or county office.