Where do I find the actual market value of a house? Do not want to pay over!!

Question

Hello, I am looking for a single family home in the Houston area and look into websites like HAR.com, Zullow etc....The list price I assume is not the actual value of the house.  Where can I find the value of what I should be paying for ? I am trying to buy a house under the market value. I do not want to pay over of what it is worth... Any feedback will help...

Will Barnard · Answer

Have your real estate agent run comps for you and provide a full CMA (comparative market analysis).

If you don't know how to adjust comps, pulling them yourself on sites like zillow, trulia, etc won't help much unless you get lucky and find a model match in similar condition with similar amenities.

Doug Smith · Answer

We also own a real estate arm, so pulling comparable properties on the MLS is quite easy, but for others, if you can build a relationship with a good, reliable realtor with MLS access, they will usually be happy to help if you let them help you find property for you and sell properties that you are flipping/selling. Look for homogenous homes in homogenous neighborhoods. I other words, neighborhoods were you can find really similar homes to the one you are looking to buy. Use the internet to find recent sales of homes similar in square footage, style, age, and condition to the one you are buying within the same neighborhood. Those sales should be in the same approximate range. It will give you a good idea. Here's the key...you really need someone who knows how to value real estate on your side. Until you learn how to value a home, you'll make very expensive mistakes. Good luck!

Lori Greene · Answer

There's only one way to get an accurate house value, that's with real estate comps from an agent. Until now, there haven't been any sites out there where you can order comps from a real agent. There is a new site with a national network of agents ready to pull comps of recently sold homes. It's fast, easy and affordable. I tried it and it works great: https://realestatecompstoday.com

Joe Calderon · Answer

That's market value. Value must always be qualified! The term "actual" is broad and therefore, meaningless.

Recall: Cost is what is paid in order to create or produce a property. It may be different than the market value. Price is what is actually paid in the transaction for said property.

Value is the opinion of worth of the property at a certain time according to a qualification of value e.g. market, liquidation, or investment value.

Bill Gulley · Answer

Victor, if the property has been on the market, then you're most likely going to pay the "market value", buying under market value is investor and guru chatter. You can buy a property at a distressed value, that may happen when the conditions for a sale at market value do not exist. Much to what Fred mentioned.

Look at comparable properties, negotiate your best price, if that works, if you're happy at that price, buy it! If you are getting financing, the property will be appraised, if the sale price is higher then you can walk away so long as you don't make a cash offer. The lender can protect you in such matters. Good luck :)

Fred Heller · Answer

I'm not trying to be flippant, but the "actual" value of the house is whatever someone is willing to pay. You can only estimate the value by comparing the recent selling price of similar homes in the immediate area. You'll need a realtor for that.

HCAD also shows the market value, which is usually different from appraised value, of every property on their taxpayer database. But again, that's only an estimate.

Right now in Houston people are paying over asking price in many areas because there's so much competition. That may change in a few months if the economy cools off because of the oil price collapse.

Good luck!

Jim Sakalis · Answer

Victor,

Another place you can find current property values is at your local county court house or tax record search which is also public record.

Good luck, Jim

Victor Rios · Answer

Thanks fellas...Will do!!

Michael Noto · Answer

@Victor Rios  Work with a realtor who has access to the MLS. They can run accurate comps for you.

Victor Rios · Answer

Thanks Rob....

Where do I find the actual market value of a house? Do not want to pay over!!

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