Estimating Home Value

In MyMoneyBlog’s monthly update - November 2008 Financial Status / Net Worth Update two additional resources for finding estimates of your house value were identified:

I am testing out a new way of estimating our house’s value. First, I take the average estimates provided by Zillow, Cyberhomes, Coldwell Banker, and Bank of America. Then, I shave off 5% to be conservative and subtract 6% for expected real estate agent commissions (11% total). I use this final number as my estimate for home value.

I didn’t know about the BOA and Coldwell Banker estimators - I am going to have to start using them.

And ouch - October showed a mean 17% drop in net worth - although most of that was due to loss in value of the house. I am blissfully ignorant about my Net Worth!

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