How Do You Figure Out Home Value?
Regular visitors to my site may notice that I have removed the "Home Valuation Calculator." I hesitated to add this calculator to my site in the first place, since I have not found any site that was able to consider all of the information and nuances that are required to accurately figure a value of a property. I always recommend that a seller consult and licensed real estate agent (like me) and ask them to work up a comparable market analysis (CMA), customized for their unique property.
In order to determine value, we must understand what "value" means in this context. The value I'm going to look at here is from a seller's perspective. What is a reasonable price to ask for your home in the current market? First we must gather information about the subject property, i.e. the condition, location, size, number of beds and baths, garage space, lot size and condition, etc. Then we determine which neighborhoods are similar to the subject properties neighborhood. It could be that the subject neighborhood is so unique that no other neighborhoods compare. Finally we find other homes of similar size, condition, amenities which have already SOLD. This leads me to what value means. It is one of those slippery nouns but in this application, it is the marketable price or the price agreed upon by a reasonable buyer and reasonable seller. The price or value is determined by negotiation and agreement. An active listing is not a useful comparison, because all we learn from that is what the seller wants to sell the house for. It does not give us the other part of the equation, which is what would a buyer pay for that house.
Once we gather that information we compare the "comparable properties" to the subject property and come up with a rough value. I used my own home to test some home valuation websites and found that although the ranges were fairly accurate, they were ranges with spreads of $30,000 to $70,000. Most of us could guess at such a range off the top of our heads. In addition, several of them give you, the user, comparable properties to choose from, but if you are not familiar with those properties it would be difficult to make those choices. And to be frank, as home owners, we are incredibly biased regarding our homes. We know exactly which improvements we've made, how much work we've put into our gardens and how diligent we are in our upkeep and maintenance. No other home is going to be as nice as ours!
The best way to get an estimated value on your home is to ask a licensed local real estate agent to work up an unbiased, detailed report for you. Many of us are happy to do so with no obligation. Call me!
Homes for Sale?
If you have been searching the web for a new home and are not finding anything that floats your boat and it seems that inventory is low, don't fret, just let me know! I know of a few great properties I could share with you that are not being actively marketed right now. In addition, many property listings that were canceled around the first of December, may just be taking a break and all that's required is a friendly, well placed phone call.
So if you are looking forward to spending your holiday season house hunting, don't despair, just ask!
Bellingham is a Hard Act to Follow
No, I didn't sell a house. Not even close really. I just had the pleasure and honor of taking an "out of towner" on a tour of Bellingham on a stunningly beautiful, sunny yet crisp, early fall afternoon. We met at my office and ran down the particulars. She is checking out areas in Whatcom and Skagit County, with the idea of moving from her crowded, urban, soul-less home somewhere south of here. She was not really familiar with Bellingham, and I relished the look of surprise and joy I knew I would see on her face very shortly.
We started out at my office on Meridian St. (not our City's best feature), hopped on the free-way southbound and started our tour slowly around the outskirts to get the "lay of land". Admittedly Bellingham and it's environs can be tricky to navigate, so an overview with map in hand is a must. By the time we hit Lake Whatcom she was somewhat pleased. We cruised over Alabama Hill and as we crested the hill to the dazzling view of the City and bay below, she was warming up to the idea. We cruised in and out of the Sunnyland, Lettered Streets and Columbia neighborhoods, with the sun twinkling through the changing colors and she and I both were really starting to enjoy ourselves. After a drive along Eldridge down into Downtown and past the bustle and yummy smells emanating from the Bellingham Farmers Market bellinghamfarmers.org, I think she was becoming quite enamored. Then I hit her with the drive along State Street Boulevard through South Hill and into Fairhaven. She was a goner. Me too.
Should You Sell Now or Wait Until Next Year?
TWEET ME, FRIEND ME, FOLLOW ME
Today I am swapping out this blurb which graced my home page for my recent blog. The Bellingham Real Estate Market is improving and things are looking up. I am doing my best to spread the news, utilizing, my web page, Google, Craigslist, Biznik, Linkedin, Twitter and Facebook, to name a few.
I have been really excited to learn about the power of social networking recently. Getting to know potential business connections in a non-committal, safe environment prior to engaging them professionally seems like such a great way to do business. It's also a fantastic medium to spread the word about your business or product because the people that are spreading the word are doing it because they are genuinely interested, either in you, your product or having you reciprocate by promoting their business or product. It is a beautiful system that thrives on reciprocity and integrity.
It's not all business though. You can learn a lot of fun things about people and hear about events that are taking place in your community you might otherwise never have been exposed to.
Please tweet me, http://www.twitter.com, friend me, http://www.facebook.com, connect with me on http://www.linkedin.com (connect with over 40 million professionals) join me http://www.biznik.com (business networking that doesn't suck). You can hear about what I'm up to every day, ask me questions, tell me what you're up to or just wait for notification of great deals or events that are taking place.
Buy Real Estate and Make a BIG Impact
