ISO Realty, Rexburg Real Estate Agents, Idaho Falls, St Anthony , Rigby , Ashton
  • Home
  • MLS Search
  • Agents
  • Buying
  • Selling
  • FAQs
  • Tools
  • Blog
Login
208-360-0252

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

What's the best way to price my home?

There are several ways to estimate the value of a home, each with its own strengths and weaknesses. Here are a few of the most common methods:

 

  1. Comparable Sales (or "Comps"): This method involves looking at the prices of similar homes in the same area that have recently sold. A real estate agent or appraiser can help you find comparable properties and adjust for any differences between them and your home to arrive at an estimate of your home's value.

  2. Online Home Value Estimators: There are many websites that provide automated home value estimates, such as Zillow or Redfin. These estimates are based on public records and data from similar homes in the area. While these estimates can be useful, it's important to keep in mind that they can be less accurate than an appraisal from a professional. (WARNING) This model does not work well in Idaho because Idaho is a non-disclosure state.

  3. Appraisal: A professional appraiser will visit your home and take into account a variety of factors, such as square footage, condition, upgrades, and lot size, to arrive at an estimate of your home's value. An appraisal is typically more accurate than online estimators, but it can be more expensive.

  4. Cost Approach: With this method, a professional appraiser will estimate the cost of building the home and the land value, then adjust the total based on the home's age, quality, and condition.

It's important to keep in mind that there is no one "right" way to estimate the value of a home, and the final value will depend on a variety of factors and opinions. You may want to get multiple estimates or use a combination of methods to get a better understanding of your home's value.

If you are planning to sell your home, I would recommend speaking with an agent who can provide you with a Comparable Market Analysis (CMA) and also provide you an insight on current market trends, your local market situation and make an informed decision on pricing and marketing your home.

What is the most common method to calculate the value of a home for sale?

The most common way to estimate the value of a home is through the comparable sales method, also known as the "comps" method. This involves looking at the prices of similar homes in the same area that have recently sold. A real estate agent or appraiser will usually help you find comparable properties and make adjustments for any differences between them and your home, in order to arrive at an estimate of your home's value.

This method relies on the principle of substitution, where similar homes in the same area are used to estimate the value of your home. Comparable sales are often considered to be the most reliable way to estimate a home's value, because they take into account recent market conditions and provide a realistic picture of what buyers are currently willing to pay for a home similar to yours.

Ultimately the true value of any home is the price that a buyer is willing to pay, and the comparable sales method gives an idea of what buyers have paid for similar properties in the recent past and can be a good starting point for estimating the value of a home. The real estate market will largely dictate what you can sell your home for. Your local real estate agent can help you with this because the know the market and have the data.

Where does market data come from?

The market data used in a comparative analysis, also known as a "comps" analysis, typically comes from public records and multiple listing services (MLS). Public records are records kept by government agencies that are available to the public, and they include information such as property sales and ownership, tax assessments, and property descriptions. MLS is a database of homes for sale and recent sales that is maintained by real estate agents and accessible only to members of the local real estate community.

In the United States, public records of real estate transactions are typically maintained by county government office and you can visit the office and have access to the records. While real estate agents have the access to the MLS, this data is not available for the public.

The market data from public records and MLS is then analyzed to find comparable properties that have recently sold in the same area as the subject property. This data can be used to identify trends in the local real estate market, such as average prices for similar homes, as well as to make adjustments for any differences between the subject property and the comparable properties.

It's important to note that while this data is considered to be reliable, there may be discrepancies between the information in public records and MLS and the actual condition of a property. That's why an onsite evaluation by a professional appraiser is considered important and done before determining the value of the property for a mortgage. Also, Idaho is a non-disclosure state, which means that public data is not as reliable. 

 

Address Search

Like or Share
Loading likes...

Our Agent Reviews

Real Estate Finance FAQs

  • Finance a Idaho Home
  • What is the Lending Process?
  • What is a loan officer?
  • What is a Mortgage?
  • What is a mortgage underwriter?
  • What are mortgage interest rates?
  • What is a mortgage interest rate buydown?
  • What is a lender pre-approval letter?
  • What is a lender loan commitment letter?
  • What is RESPA
  • What is a Truth in Lending Disclosure?
  • What is a Lender's Credit Disclosure?
  • What is the difference between a TIL and CD?
  • What is Home Affordable Refinance Program?
  • What is the Idaho Housing and Finance Association
  • What is Housing and Urban Development
  • What are government-backed loans?
  • What is a FHA Loan
  • Can I use a personal loan to buy a house?
  • What is seller financing?
  • What is a financial contingency?
  • What is the Federal Fair Housing Act

Title and Escrow FAQ's

  • What is a Title Company?
  • What is an Escrow Officer
  • What is a Title Officer?
  • What is Title Insurance?
  • What is a real estate closing?
  • How is real property transferred in Idaho?
  • What is a settlement Statement?

Realtor Association FAQ's

  • Explain the Realtor Organization
  • What is the National Association of Realtors
  • What is the Idaho Association of Realtors?
  • What is a local Realtor Association?
  • Do I need a Realtor?
  • Realtor vs Real Estate Agent

Idaho Real Estate Commission FAQ's

  • What is the Idaho Real Estate Commission?
  • What is the Idaho Agency Disclosure Brochure?

Real Estate Transaction Faqs

  • What is a home sell contingency?
  • What is a title and survey contingency?
  • What is a home inspection contingency?
  • What is an appraisal contingency?
  • Can I request a reappraisal of a home?

Idaho Real Estate Topics

  • Buying a Home in Idaho
  • Determining Property Value
  • Home Owner Property Tax Exemption
  • How does demand affect Idaho Real Estate
  • How to prepare to move into a new home.
  • Primary Residence vs Rental
  • Real Estate Photography
  • Sell an Idaho Home
  • What is Home Ownership?
  • What are the types of residential property?
  • What is a CMA?
  • What is a Homeowners Association (HOA)?
  • What is the Idaho Homeowners Association Act?
  • What is house flipping?
  • What is Internet Data Exchange (IDX)
  • What is a MLS?
  • What is a non-disclosure state?
  • What is a real estate showing?
  • What is a RETS Server?
  • What is the best way to price my home?
  • What is the real estate market?
  • What is home based Permaculture?
  • What is investment property?
  • What is real estate capital appreciation?
  • What is a Real Estate Investment Trust?

Eastern Idaho Real Estate

  • Bingham County
  • Bonneville County
  • Fremont County
  • Jefferson County
  • Madison County
  • Teton County

Property Types

  • Condos and Townhomes
  • Idaho Horse Property
  • Land
  • Recreational Property
  • Single Family Homes
  • Waterfront Property

Eastern Idaho Cities

  • Ammon
  • Ashton
  • Idaho Falls
  • Island Park
  • Rexburg
  • Rigby
  • Shelley
  • Sugar City
  • St Anthony
  • Ucon
  • Home
  • MLS Search
  • Sustainability
  • Featured Properties
  • Contact Us
  • FFHA
  • DMCA

Real Estate Agents in Southeast Idaho - ISO Realty Logo

360 Partridge Lane
REXBURG, ID 83440-5346
208-360-0401
Sales@ISORealty.com

 

Brokered by:
ISO Realty of Idaho is brokered by Silvercreek Realty Group

© All Rights Reserved R C Canning Enterprises LLC 2022

Research Real Estate

  • Buyer Interview
IDX Real Estate Websites by
• Accessibility • Terms • Privacy