How to Determine Property Values in Today’s Market

In today’s market where there are so many foreclosure and sales, figuring out the real value of a property can be difficult. The comparable sales method is the most commonly used and still the most accurate one to determine the value of single-family homes, condominiums and smaller rental buildings (two to four units).
Start by researching information about sold properties on your local government many tax assessor’s offices and online post by other realtors that allow you to view the prices for properties within a specific area. They usually list full details about the properties, including square footage.

While many factors come into play when you’re evaluating a residential property’s value by “comps” (comparable sales), the three key factors are location, size (square footage) of the home and the number of bedrooms and bathrooms. Obviously, you’ll need to look at many other aspects before you can pinpoint the exact value of a property, but these are the “big three.” You should be able to look at comparable sales involving properties with these three factors and get a good idea of the value of the property you’re selling.

Location is extremely important when you’re comparing sold properties. A professional appraiser typically looks at houses within a one-mile radius or less, and so should you. In the case of a subdivision where the houses are all similar and built in the same time period you need to compare similar houses with similar styles in the same subdivision to get an accurate valuation. If there’s a wide mix of properties in the subdivision, you may need to go outside of it to get comparable sales.

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