4/2/2013: What is your home worth?

The West Newton real estate market is very strong this spring.  With very limited inventory and strong demand, the last 4 sales on Randlett have been bid wars.  This has a lot of people on the street asking: what is my home worth today?

There are several ways to determine value: comparable sales, price per square foot basis & The Costello Method.

I put The Costello Method in caps because it’s awesome.  And easy.

I took the past 5 sales on Randlett and compared the sale price to the assessed value (how much the city values your home for tax purposes).  On average, sale prices were 27% higher than the assessed value.

Assessed value X 1.27 = Today’s value

Don’t know your assessed value?  Find it here: http://assessing.newtonma.gov/NewtonMAWebApp/

Keep in mind that I went to Northeastern and majored in football, so the numbers may not always reflect true market value.  I would factor in +/- 5% depending on the condition of your home.

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