Comparing Real Estate Values in a Neighborhood

When you're trying to decide on an appropriate selling price for your house, it's helpful to use the values of homes in your area as a point of reference. While it's not an exact science, estimating your home's value based on the values of others nearby is one of the most reasonable methods for making a determination in the matter. Even real estate agents use this data when helping clients to set asking prices. You have a number of options for comparing real estate values in your neighborhood.

1. Visit Zillow to examine real estate values in your area. Zillow provides estimates of home values (called "Zestimates") as well as actual real estate values based on sales data. Type in a zip code for the area that you want to analyze or just your own home address. Enter the number of beds and baths for homes you want to analyze if you wish. The service will pull up a map depicting all of the homes in that specific area-the listings include asking prices for homes up for sale as well as historical data on those homes.

2. Use Yahoo!'s Home Values search tool to compare real estate values in your neighborhood. This service allows you to pull up information on individual properties. Type in the full address of a home in your area that you want to analyze, including the street, city, state, and zip code to initiate the search. The valuation report includes the home's current value range, price it last sold for, and a listing of similar homes in the area for comparison purposes.

3. Examine the listings in your neighborhood using HomeGain as another option. Here you can enter either an exact address for one home or a zip code for an area. When looking at an individual home you will see an estimated home value as well as the last sold price. If you want more information about the home value you can order a complete report from a local expert (usually an agent) who can help you decide on a selling price for your home. The service also pulls up a listing of recent home sales for similar properties in your neighborhood that you can browse.

All of this information is helpful for comparing home values in your neighborhood, but you should also do more research about selling a home, determining its value, and setting an asking price.