Short Sale Advisor Hector D. Martinez: South Ontario/Creekside Home Sales

How to Get the Value of Your Home Like A Pro 

            I’m offering a simple formula used universally in southern California by real estate agents, appraisers, and investors: using the "price per square inch" formula to calculate the market value of your home.

How Much Equity Do I have in My South Ontario/Creekside Home

?

            Simply put, the following guidelines are used by real estate professionals to “comp” (a comparable sale) a property: 1. three properties that have sold within the last 90 days; 2. The properties must be within 300 square feet to a mile of each other; 3. The square footage should as close as possible to the comparable property, usually within a an 85% - 115% range (for example, a 1,000 sq. ft. property should be compared to a property no less than 850 sq. ft. (1000 x .85 = 850), and no more than 1,150 (1000 x 1.15 = 1,150) sq. ft. Using these three factors will make you an expert evaluator in your South Ontario/Creekside market.

You Try It! – Comp Your Own Ontario/Creekside Property

            Get three comparables for your property. Just do the following:

1.      Find the best 3 model matches (closest to your square footage and neighborhood).

2.      Multiply your sq. footage by the “price per square inch” average of the three closest comps. For example, if your home’s square footage is 1,200 sq. ft. and the average price per square foot is $170.00, then multiply 1,200 x 170 to get the approximate value of your property.
3. Go to  the link below to obtain All the Sold Properties in Creekside from 03/05/13-06/15/13.

http://readvocate.org/ontariocreekside-sold-properties.html   

FYI: The higher end of the “price per square inch” reflects homes in very good condition, while the lower ends of the “price per square inch” reflect homes in need of repairs.

For Comprehensive Appraisal Rules and Regulations, go to
https://www.fanniemae.com/content/fact_sheet/appraisal-guidance.pdf

Was this approach to home evaluation helpful to You? Let me know.