Where do I look for the prices of homes in my neighborhood?
Thank you. Colleen.
Answers | 2
Note that the asking price and the sale price are two different things. Few people really know how to value homes, and that sellers and buyers value homes differently. In addition to David's suggestion, which I agree with, I recommend checking with your local tax appraiser's office and check the tax appraisal prices on both the land and the building. I would also check the Fair Market Rental Value (FMRV) in your neighborhood as well. If a mortgage is going to cost you more than what you would pay in rent you may want to rethink your decision.
The most common issue in the real estate market are sellers trying to price and sell sentiment. It is hard to sell sentimental value in homes, buyers may not have a sentimental investment in the home therefore the home is not worth as much to the buyer as it is to the seller. I hope this helps and if you have any other questions feel free to ask.