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How to Compare Your Property Value
by Bradley James Bryant
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Overview
If you own property, then you will probably want to know what that property is worth. The best way to figure out what your property is worth is by comparing values of similar properties in the same area. The challenge can sometimes be finding good comparable sales and identifying a good source of information. Worst-case scenario, you can always commission the help of real estate professionals.
Comparing Property Values
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Step 1
Use an online real estate comparison tool like Zillow.com or AmericanFinancing.com to look up property values of properties in your area. All you need to know is the address of the property you would like to compare, and both tools will show you the selling price of houses that recently sold in your area.
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Step 2
Determine the best comparison by looking at square feet, the age of the property and proximity to parks, freeways, railroads or anything else that might change the value of the home. If the property is commercial, consider the location and access roads.
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Step 3
Select three properties that match your property and take the average of these prices for an average market (selling) price for property like yours in the area.
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Step 4
Add on anything special about your property that is unique. This could be a large backyard, an extra garage, an office space or an attachment. Hire an appraiser to make an estimate on the added value or make an estimate yourself.
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Step 5
Look in your local paper. There's no better way to get a pulse for average real estate prices in the area than your local paper.
