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.