Comments on: I wonder what our house is worth

By: The Dino

The Dino — Sun, 08 Jul 2007 16:33:04 +0000

The price is growing everywhere. Also here in Europe… When you can than buy because you are paying same loan but rent is going up.

By: Flap

Flap — Sun, 08 Jul 2007 03:27:47 +0000

That zillow.com site is cool.

I just put in my old house that I sold 6 years ago and now want to go out and shoot myself - just kidding.

Thanks

By: A Week In THe Life Of A Redhead

A Week In THe Life Of A Redhead — Sat, 07 Jul 2007 22:04:52 +0000

As someone always trying to get out of the Real Estate business for 17 years I can give you some free advise...

You home is only worth what someone is willing to pay.

PERIOD.

An appraiser can say that by comparing 3-4 homes in your area he can come up with an estimated value, however, he could value it at 450, but if no one will buy it and it sold for 300 - the value is 300.

The most confusing issue for people to understand value is that a home is only worth what someone is willing to pay. When it comes right down to it, it doesn't matter what your neighbor does or doesn't do. A whole neighborhood could list their homes for sale, and the one that sells is the one priced for the buyer to afford without extra work once they move in. Oddly, the buyers set the value.

You can run a free estimate through zillow.com who will compare recent home sales in your area for an idea of what the market is doing where you live -

Hope this helps.

Catherine, the redhead

By: Flap

Flap — Sat, 07 Jul 2007 13:20:09 +0000

It is always helpful to have your property appraised every year or so.

You don’t want any huge equity increases lying dormant for too long!

By: Flap

Flap — Sat, 07 Jul 2007 03:45:55 +0000

Yes, one day the internet will rule the roost with more information than the local multiple listing services can provide.

And the newspapers will have to obtain another source of revenue. In fact, their ads have decreased dramatically.

But, does Canada have these real estate services?

I don’t see why not.

By: Tess

Tess — Sat, 07 Jul 2007 03:29:17 +0000

Wow! I want to contact a broker or someone too. We went for a walk last night and grabbed a flyer for a house for sale - a house that is the exact model as ours. They are listed for about $35K more then what we paid - barely a year and a half ago. I don’t think they will get that price, but I am definitely keeping my eye on it!

By: Filam

Filam — Sat, 07 Jul 2007 03:11:53 +0000

Well house values have appreciated astronomically the past five years here in the US. Flap is right that your real estate broker should be able to give you a comparable value. Also, there are websites that you can go to such as housevalues.com but I’m not sure if it covers Canada.

By: Flap

Flap — Fri, 06 Jul 2007 23:41:07 +0000

Since I am from California I am used to astronomical appreciation and high prices.

Your real estate company or a mortgage broker should be able to give you a comparable value without any cost.

What will you do with the equity?

By: Jennifer

Jennifer — Fri, 06 Jul 2007 21:50:26 +0000

I was thinking of doing this same thing. I paid a bargain price of $100,000 for my home with 5 acres. Houses around here are going triple that….I can’t imagine it being worth that much. It makes me smile….as you are probably smiling too.