Where to find the value of a house
How-To Value A House (Determining Property Value)
what's up guys this is Chang welcome to
my youtube channel this video will be
talking about how to value a house in
determining the value for a piece of
real estate so as consumers have become
more real estate savvy most people
realize that Zillow's estimates are not
accurate and are not an appropriate way
to determine the price of a piece of
real estate going to show you guys how
to find the value for a piece of real
estate
that's do-it-yourself and can be done by
anybody from an experienced investor all
the way to somebody who doesn't have any
experience in real estate it's important
to note that real estate is valued on a
comparison by comparison basis the
estate is literally at the end of the
day just valued by comparing pieces of
real estate that have sold around the
piece of real estate that you are trying
to value there's things first you need
to find all the homes that have sold
within the past six months within a
one-mile radius or within these same
subdivision of the home that you are
trying to value you can't value homes
that have sold twenty miles down the
road because a lot of the value that
real estate holds is in its location so
number one make sure that you are doing
those things since you have maybe 10 or
12 homes to compare that I've sold
recently within your sub same
subdivision or within the one-mile
radius you need to start weeding
properties out and the first way that
you're going to do this is you weed them
out by their square footage size in the
real estate community 15 percent of a
deviation from the property that you're
looking at is generally an accepted
comparable so if the property is 15
percent below the property that you are
trying to value or 15 percent above that
is a good comparable you want to include
that in your comparison it's not a
comparable or it is 25% below or 30%
above the property that you're trying to
compare go ahead and throw it out and
move on to the next step which is going
to be start looking at the bed and the
bath of at home optimally you want to
compare homes that have these same
amounts of bed and baths so if it is a 3
bedroom and a 2 bath that is a camp
haribol now there's a little bit of
leeway with the bathrooms if you have an
extra half bath or maybe you have a -
compared to a one bath that is a
comparable thing that you want to watch
out for is bedrooms bedrooms are a big
indicator of price so you can't compare
a three bedroom to a four bedroom okay
so number five is you want to start
looking at the architectural style of
the home and the overall layout just
because you can't compare a brick ranch
or to things like a colonial and you
can't compare a postmodern to things
like a Spanish Revival also can't
pertain to the actual floor plan layout
if the floor plan layout is just totally
different in it's a totally different
style of house it can not be a true
comparable so by the time you've gotten
through these square footage you've
gotten through the bedroom in the bath
and you've gotten through the
architectural style you're probably
going to have around two or three
comparables and that is what you want
you will only want to have two or three
very solid comparables there there you
can judge some of the more nuanced parts
of the house maybe the conditions not
the best or maybe there's a hot tub of
the back or maybe there's a pool and you
can adjust your price from there point
to note here is that once you do get
down to those three comparables it's
more of an art than a science you could
take the average of them maybe if you
feel that the home is a little bit more
desirable than the others maybe you can
increase the price maybe if the home is
in poor condition maybe you would even
decrease the price that's my video for
today I let you guys enjoy this if you
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and as always thank you for watching
