How much is your home worth?

I've been working hard on watching (learning and studying) the market and WOW is it LOCAL! By local, I mean each neighborhood is slightly different. To add validity to my studies, a fellow realtor, Phil Byers, intorduced to me a new method to prove the market position. Here's how it works:

Through public records, anyone can locate the original purchase price and year (month) purchased. So go find one.... I'll wait... Good, now that you have that information, go to http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us---- to locate the S&P index for your current year AND the year purchased... OK, got them? Let's go...

Now divide the year purchased by the current year (or month - remember to be consistant) and mulitply that percentage by the original purchase price. That is your estimated value. You may have to some adjustments if there have been improvements or such, but thats a start.

Next, lets get more local... pull up the median (not average!) of the local area, the neighborhood or city for the year purchased and the current year. Do the same division and multiply the second index by the purchase price.

Lastly, get real neighborly, and pull up just the 1 sq. mile or 2 sq. mile median home prices of the two years (year purchased and current year) and perform your magic!

You should have 3 varied numbers which are estimated home values! It's amazing how close they are to your actual selling price. Try it out. If you have questions, contact me! If you are having difficulty find this information or aren't that great at statistics, give me a shout out. I would love to help you in this market!

Robert Jarvis
Robert Jarvis Signature Properties
Keller Williams

Direct: 773-572-2362
Text: 773-852-7759
Email: RobertJarvis@AnOpenHome.com
Website: www.AnOpenHome.com