How can one determine the value of a house depending on the neighborhood or borough?

Question

If this can be done.....then how do you determine the value of the neighborhood or borough?

Answer 1

Hi,

You have a couple of options here, however in NY (I am making the assumption that in reference to borough, you are indeed talking about NY city or the immediate vicinity?) you have to be extremely careful as the neighborhood changes very quickly depending on how far you walk.

So here is what you could do:
1. Look in your local newspaper for recent listings of houses for sale (no older than a month, no further away from you than 2 streets in a 360 degree radius). Average these prices out and get to a price per square foot. Use this to multiply the square footage of your house.

2. If there are not that many houses being sold in your neighborhood go to the city recorder's office and look for trust deeds of the houses around you and what the houses were sold for. Once again go through the same math as suggested above.

3. If the sale of these house took place too far back and are not market related anymore then I would honestly suggest that you get two appraisers out to your house to give you a valuation and ask them to include a valuation on the neighborhood. This is what they do day in and day out, they are experts at it. It might cost you a little but you would have high quality information.

If you need to know which person to use to do this then I would suggest contacting a mortgage banker that you trust and asking them who they would recommend. These guys have lists and lists of these people, they use them every day.

I hope this helps you a little.

Answer 2

An appraisal is the only way to get the value. Comparable sale in the last 6 months is what they will use if available. Your realtor will pull listings in the neighborhood since they will or should have access to the MLS in your area if there is one. You need to look at the square feet and beds as well as baths and any other amenities and age of the structure as to determine approx. value.

Answer 3

You find some comps -- comparable (same # bedrooms, etc) houses in the same neighborhood that have sold within the last year. What the new buyers paid for the comps is a good indicator of the value of the house you want to sell.

Answer 4

Get a list of houses sold in the neighborhood with their square footage (you can get it from some web site, newspapers, etc.) divide the price by the square footage to get the price per square foot. For example if the 3000 square foot house was sold for $300,000, the cost is $100/square foot. Multiply the square footage of your house by that number and get the rough market price of your house. For example, if your house is 2000 square foot, the market price will be $200,000.

Answer 5

by eating a box of crayolas

Answer 6

Go to http://www.zillow.com/

Answer 7

relators use comparitave listings.