Market Value

General Real Estate Investing
1

:Is there anyone out there that can explain to me how to figure out the Market Value of a residence, Is there a formula that you use. I am a beginning investor.

Thanks!!!

2

The only “formula” is to complete a CMA: comparative market analysis. That is, you’ll need to find comparable properties to your’s, and find out what they sold for. List price is irrelevant. So is the assessor’s office valuation estimate. Actual sale price of similar properties is what you’re after.

3

I agree. Also, on your CMA, make sure the comparables are 6 months or less old. If you start looking at stuff more than 6 months old, it will throw you off.

4

For a general idea including comparable sales, you might try:

http://realestate.yahoo.com/homevalues/

Good luck.