Tips for Using our Ballpark Estimator

Posted by Dan Miller, REALTOR on Thursday, September 5th, 2013 at 5:30am.

Our Ballpark Estimator is a free tool you can use to estimate the market value of your Madison area home or condo. In fact it offers one of several ways you can use our website to learn more about the real estate market in your neighborhood. How does it work? The tool itself is very simple. 

Ballpark Estimator: How it works

  1. You enter the address of your Madison area home or condo, as well as the number of bedrooms, number of bathrooms, and the finished square footage. 
  2. The Estimator then presents you with a list of 12 recent sales in your area. 
  3. You select 3 of the 12 properties that are most similar to yours. 
  4. The tool then presents you with a "ballpark price". The ballpark price is based on the price per finished square foot of your 3 comparable properties. 

Tips for Using the Estimator

  1. You can learn more about each recent sale by clicking the additional details button and then the address link to the detailed listing view. Use the detailed listing view to determine which of the 12 recently sold properties is most similar to yours. 
  2. Click the add button to select a recently sold listing as one of your 3 comparable properties. Try to select properties that have similar finishes to your own; those that are closest to your property and in the same subdivision or condo development as your property; those that are similar in age, and those that are similar in size, number of bedrooms, and number of bathrooms.
  3. Click get ballpark estimate once you've found your 3 most comparable listings. The tool will then calculate a ballpark market value estimate for your home.

If your gut tells you the market value estimate is a little off, you can always run the tool again and select a different set of comparable properties.

There's a lot you can learn about your local market by reviewing the recent sales in your area. Is there a listing in the group of 12 that is very similar to your home? If so, this property could be an excellent indicator of your home's market value. Of course the best way to get a good estimate of your home's value is to contact us for a professional home evaluation.

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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