For example if I own a 2400 sqft house in the best neighborhood in town and know the appraised value for the year 1999...What percentage rate could I anticipate the property's value to increase by annually? 2%? 5%? I'm trying to determine an approximate value now considering that there have been no major rennovations to the home.
2007-03-28 07:08:11 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can obtain an approximate value on zillow.com.
The Tax appraiser for your county has all the homes sold in your area. Find several recorded sales during the last 6 months for homes similar to yours and as close (distance) to yours as possible. Use these sales to determine the price per square foot in your neighborhood. Then multiply the per square foot price by your home's square footage. I hope you understood that.
Be CAREFULL with Realtors, they assume you want to sell and will sometimes give you an inflated value to get the listing. The LISTING price of other homes is not important, it is the SELLING price during the last six months that is the best indicator of your market.
If it is important to have a accurate idea of value you can hire an independent appraiser, not a Realtor. An independent appraiser, paid by you, should not skew the value. Just ask them to give you an honest appraisal.
2007-03-28 10:11:46 · answer #1 · answered by Joe R 2 · 0⤊ 0⤋
A lot has to do with location and about a 3% annual appreciation was normal in many markets until the crazyness of the past market skewed our neat little predicable real estate world. My suggestion is to contact a good REALTOR who will be able to give a good idea of what similiar homes in your subdivision have sold for in the past few months.
2007-03-28 07:22:00 · answer #2 · answered by Othniel 6 · 0⤊ 0⤋
Your value today is best estimated by looking at the homes like yours that have sold in the neighborhood. Appreciation rates are VERY unreliable.
Call a Realtor in your area. They will be happy to give you a ballpark idea for free - or go to http://www.housevalues.com and they will email you a value based on recent sales in your neighborhood.
2007-03-28 07:19:13 · answer #3 · answered by sdmike 5 · 2⤊ 0⤋
it varies from suburb to suburb...
go with 4% for a ballpark, but it may be up to 6-7% if your area is booming.
2007-03-28 07:11:57 · answer #4 · answered by Anonymous · 0⤊ 1⤋
you need to contact a real estate broker for that answer.
2007-03-28 07:13:11 · answer #5 · answered by heavenlli_61 5 · 1⤊ 0⤋