I see you're in NJ. When my parents house was up for sale in Union County, I used someone I was very happy with. I also have a name of another guy that travels, he came down to Burlington County. If you'd like either name, feel free to email me.

You can ask a realtor for comps in yours area.

Otherwise, you can pay an appraiser.

If you're looking for a freebie, tell a realtor this and use the comps.

Use a little honesty.

I would hire an appraiser rather than a realtor. Appraisers have no financial interest in the sale of the house, whereas a real estate agent does.

Thank you for the replies. I was leaning towards an appraisor actually, for the reasons stated.

How much do these things cost? Just guessing about $400-$600? Quite frankly, I'm hesitant to pay that just to satisfy my curiosity and to maybe help me make a decision, but I need to do what I need to do...

I'd love to get comps, but like I said, they're all over the board and not too many houses are like mine.

Would an appraisor make a detailed report of why the house would go for the price estimated? Things such as upgrades and "extras" etc...? or do they just give you a final number?

Is my $400-$600 estimate accurate? I know that's how much my inspection was in 1999. I'm just going by that, but that was done by an engineer.

I just think if I sell in 2, 3... or 5 years, this money won't be spent wisely. As it will be old info.

Why not just get an agent in and say you are thinking of selling your home but first need to know if you will realistically make some cash doing so? Some agents are also certified appraisers. There are also sites that let you see the comparables yourself such as http://www.zillow.com for homes in US.

From what I have recently learned the hard way, DO NOT based your home's open market value on what upgrades you have put in but more the comparables. See http://ths.gardenweb.com/forums/load/realestate/msg021518123924.html?9

I have also used sites (http://www.housevalues.com/ .ca) where a certified Realtor will give an approximate estimate based on comparables only.

Thanks jeff. I will be making some cash. i was lucky enough to purchase the last day of 1999 New Year's eve closing. lol for $120,000. Two neighbors recently sold their houses for $400,000+. Idon't know if we'll get that because they are different types of houses, but we did totally rehab the house and of course put more money into it while doing so.

I guess the final numbers will allow us to figure if we want to get into a bigger home. This one is 1500sf. (ouch) and Possibly a better neighborhood.

When rehabbing, we knew we wouldn't get our money back for the improvements, but I'm not one to not give myself what I want in the meantime. We didn't know how long we'd stay ther, so we built it comfortably and customized for us. Little things like central vac, Upgraded insulation, whole house audio video, intercom system throughout the house,underfloor radiant heating, custom other things. Those were for us and not for any resale reasons. No one has these things around us. I don't expect anything in return in terms of a higher price, but I will take an easier time selling it for comparable prices. I'm sure something would be easier for those upgrades. Whether it's price or ease of selling.We have thoroughly enjoyed the house and don't mind to keep doing it. I believe if more people did that, there wouldn't be such a panic for most people. but anyway...

I would just like to know my options and possibly build from the ground up next time around, and a little bigger.

Call a couple of RE agents who work in your neighborhood and ask them to do a CMA (Comparative Market Analysis), be honest about your timeframe to sell, and I'm sure they'll be willing to help you out.
Remember, a CMA or Appraisal are only good for 6 months, values change and need to be re-adjusted to the current market.

Just a little of my own experience. When I sold my house 2 years ago, I interviewed 5 realtors and had each one do comps. The comps ranged from $725K to $785K. I set a selling price of 765K. We had several deals fall through, and in the meantime we had bought another house so I needed to take out a bridge loan to cover the cost of the new house until I could free up my equity. The bank that made the loan sent out an appraiser who came back with a figure of $780K. When the house finally sold after 5 months on the market, the selling price was...$715K. The house was probably worth more, but the market was not there when I needed it. So, take my experience into account and don't rely too heavily on comps or appraisals. The market value is what it sells for!

The 1st person we used had 2 different versions - one was in the $200 range, the other in the $400 range. For the new house in Burlington county, it was more towards $400 IIRC as the appraisal was more involved.

^^^ That sounds reasonable. I do realize that the market changes quickly and it can really be a worthless appraisal after some months, but I'm sure it an give me a good starting point. I could even shave off a percentage of the amount if prices kept falling with time.

Everyone has their personal reasons for selling, buying etc... The house is a tad small for us, and the area can be better for our 2 kids. It's not the worst, but it can always be better. Having said that, we are very happy with the house, as it's "new" and built to our needs and liking. Very custom for us.

If we knew we could make $100,000, we would have another house in mind to purchase. If we made $200,000, then an even different house in mind to purchase... and so on. It would be nice to "shop around" in the price range that we can afford to buy with the proceeds or prospective proceeds of this house sale. Knowing that number would help a lot, but again, it's hard to "assume" a year out or two or more years out. Still would be nice to know what we're looking at right now and go from there. I don't want to mislead a realtor into thinking we're selling now.

Looks like an appraisor is the way. Those are fair prices.. $200-$400 give or take.

Thanks to everyone for all the helpful input.

I would hire an appraiser, rather than trying to get a freebie from a realtor. When you're interviewng potential appraisers ask about their experience in your area, that will help make sure you get an appropriate one. Make sure they understand the purpose of the appraisal, as well (i.e. not for mortgage, insurance, estate, divorce partition etc.)

And finally, select an appraiser who is willing to go over the appraisal with you, so you can fully understand the selection of comparables, how the document is organized and how the numbers were computed. The few hundred dollars you spend on an appraisal that teaches you how to understand the way real estate is valued on paper will be well worth it in all your future RE transactions.

Plus, if you do decide to sell within a short period (say this year), I believe you could deduct the cost of the appraisal as a selling expense if you need to shelter any capital gains from the sale of your house.

Molly~

Another option is to call a Realtor and ask if they do a BPO (Broker Price Opinion) which is more detailed than a CMA. They cost around $50 and are performed primarily for Banks REO or Relo properties.

The reason I'm leaning more towards an appraiser is he wouldn't have anything to gain in the appraisal. I hate to knock the realtors as I don't know them, but I would feel more comfortable in the fact they don't have anything to gain from the price they give me.

A realtor may benefit if they give me a higher price. They may think I'm more apt to sell and of course use them to sell it. Again, I don't know these people and I should think they would be professional about it, but I think it's safer to go with someone without any interest in the matter.

Having said that, I would still like to go with a local person that knows the RE market around here.

Where would I go to look for such a professional? Yellow pages? Local Realtor? lol ARGGG!

What is the actual name of these professionals? "Home appraiser" or "property appraiser"?

Since you will not be selling in the near future (unless that's not true), a Realtor has nothing to gain, so I don't understand your hesitation of using one for a price opinion.
Call your Bank or Credit Union for a name and number of a local Residential Appraiser. Depending on the type (full blown, drive by etc.) of appraisal, they will do one around here 1/2 price for $175-$200 sometimes.