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Free Home Quote - How to Determine if You Got a Good Free Home Quote

price house market selling

When you are in the market to buy a house, you hope to get a good price on your purchase. Likewise, if you are selling your home, you want to sell it for as good a price as possible. You may want to get a quote on the house you are interested in possibly buying before making a final decision. Before you list your house, it is also a good idea to get a quote on its market value.

There are different ways to find out the true market value of a home you are buying or selling. The definition of market price is the price a willing buyer and willing seller agree upon to complete the deal. It can also be defined as the recent sales price of similar houses in the same area as the house being evaluated. A free home quote is a good starting point anytime you are buying or selling a home.

There are a number of options available for getting a free quote on a home you are buying or selling, some of them better than others. Better, meaning the estimate comes closer to the actual selling or purchase price.

Consult a Realtor
A realtor has a wealth of information at their disposal. In addition to their first hand knowledge of the local real estate market, they are also privy to a large database of useful information about property and property values.
If you are selling your house, before you actually agree to engage the services of a particular broker, you will sit down and discuss your personal situation. You can find out about the realtor’s sales record and also ask them what they think a good listing price should be. Sometimes, realtors will be very honest and give you a true market price. Other realtors, hoping to impress you and win your business, will give a higher home quote. Human nature being what it is, people are apt to go with the realtor that promises a higher sales price. Unfortunately, if the house is listed too high, it will probably sit for a long time before being sold.

Well, what you really want, and should get for free from your realtor, is a comparative market analysis (CMA).
This is a report of recent sales of similar homes in the same neighborhood or area as the house you are considering (to buy or sell). It is probably the best indicator you can get for learning the fair market value of the home you are attempting to buy or sell. Public records of all sales and real estate transactions are easily accessed by realtors. They usually have a computer program that generates the report from a real estate database.

Online Real Estate Price Estimates
There are many online real estate sites that will give estimates of a property’s worth. When you go online and visit one of these sites, you will be asked to enter a property address, city and zipcode. You will, in a matter of a few seconds, receive an estimate of the property’s valuation. The estimate is obtained from a large amount of data points that are available as public records. This is not an appraisal and should only be considered a starting point when researching a home’s value. The service is limited by the amount of public information that is available. They may know that it is a 3 bedroom, 2 bath home with 2500 square feet of living space, but they would not know that the homeowner recently spent $30,000 to complete redo and update the kitchen. They would not know if there was extensive landscaping or that the house was just painted.

One way to solve this problem is by entering your own, more specific information and then creating a more customized report of a home’s features. If you provide accurate information and don’t over-inflate the value of any home improvements, you can get a more realistic indication of what the house is really worth.

The best advice when getting a free home quote is to use it as a starting point. Have a comparative market analysis and do some research on your own. Being informed is the best way to assure you will get a good price on a home.

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