Zillow.com: After entering the property address, Zillow will provide a 10-year Zestimate history (their own version of fair market value). They also show you which comps they're using for a valuation, which can provide a frame of reference.
One of the easiest ways to estimate the market value of your land is by looking at comparable sales in your area. Using online search engines can usually provide a rough idea of past land sales in your area and how long listings have been on the market.
Also known as GRM, the gross rent multiplier approach is one of the simplest ways to determine the fair market value of a property. To calculate GRM, simply divide the current property market value or purchase price by the gross annual rental income: Gross Rent Multiplier = Property Price or Value / Gross Rental Income.
Search public records
The most accurate way to find out the past value of a house is to head for the public records. To find what you're looking for amongst this data, you'll need certain information, such as the property address, along with the section, block and lot numbers.
When asked about skeptical, prospective users who might think the website is a scam, Condrey explains, “It's a legitimate site. A DiedInHouse report is not a one stop shop. It's due diligence. You should still ask your agent and talk to neighbors.”
There are a number of ways to determine the purchase price of your house. You should try to contact the title company (if it is still around) to determine whether it can dig up your file. You signed a number of documents, including a settlement sheet, and the settlement sheet would have the purchase price listed.
Land is always reported at historical cost on the balance sheet and would remain at historical cost since land is not depreciated. In addition, there is no fair value adjustment unless the land is sold or is part of a transaction.
The BLM General Land Office Records website provides online access to federal land conveyance records for the Public Land States, which are states that were created out of the public domain. The website offers access to images of more than five million federal land title records issued since 1820.
According to Zillow's website, the median error rate of a Zestimate is 4.3%. What this means is that Zillow's estimate is within 4.3% of the home value about half the time. They also indicate on their site that their Zestimates are within 20% of the sales price 86.9% of the time.
To find the last appraisal of a house, you can contact the county assessor's office, search county websites for property records, ask the listing agent or request information from the seller. Alternatively, you can hire an appraiser or use appraisal data services like CoreLogic.
Go to a site like Zillow or Trulia. One quick way to find the fair market value of a home is to check online real estate sites. Both homeowners and homebuyers can use these sites to research the estimated value of a home and compare it to other houses in the neighborhood.
Income Approach – Direct Capitalization Method
Initially, the net operating income (NOI) of a property is calculated, and then the property's NOI is divided by its cap rate to arrive at a property value estimate. Note that there is much overlap between the sales comparison approach and the income approach.
A formal, professional appraisal is the most accurate estimate of home value you can receive. The appraiser will evaluate the specifications and condition of your home, compare your home to comparables, and assess local market trends and conditions.
On its website, Redfin says Redfin Estimate is highly accurate among leading automated home-value tools, with a median error rate of 2.08%. If your geographic area is within its service zone, Redfin generates an estimate and displays a map with photos of other properties that have sold in the area.
Most counties and municipalities list the assessed values of the property in their taxable area on their website. Using the websites that you use to pay your property taxes is typically the best way to find your home's assessed value.
The seller may think any price below the asking price a lowball offer if the listed price is already at the bottom of what they want. It's generally accepted that asking over 15% off the sale price is lowballing.
Cross-check with newspaper archives and vital records to learn more about the property's history. Pay $12 on DiedInHouse to quickly find out if someone died at a certain property. Check out HouseCreep for a free, crowd-sourced compendium of properties with creepy and/or morbid histories.
“If buyers are curious about any potential criminal records at a home, they could search local police records available at a police station or in the state's online criminal databases,” says real estate broker Tyler Gaudet, of Sprague & Curtis Real Estate in Kennebec County, ME.
Death is a natural part of life. However, not every buyer is okay with moving into a house that someone recently died in. Non-natural deaths (suicide or homicide) can stigmatize a house and make it less desirable on the market. Many potential buyers don't want to move into a space with such negative energy.