ForSaleByOwner.com Recommends Five Reliable Sources For Estimating Home Value So Homeowners Can Avoid Flawed Data

CHICAGO, July 13, 2011 /PRNewswire/ -- Unbiased, free data based on simple reporting – not flawed methodology – is the homeowners' best source for estimating home value.  

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It's not hard to assemble a comparative market analysis using these sources – and homeowners can trust data they collect directly from each source.

To help homeowners estimate the value of their houses, ForSaleByOwner.com offers a guide to five free, easy-to-use sources of data.

• The Federal Home Finance Authority's House Price Index show home value trends for every metro area in the U.S.
• The Federal Home Finance Authority's House Price Calculator applies its index to specific homes, enabling homeowners to thumbnail the change in value since they bought the house.
• County and municipal property tax records yield purchase prices for nearby houses.
• County and municipal building permit records indicate which houses have been substantially improved.
• FNC Inc.'s index blends recent home sale data with home improvement data to show the rise in actual home value for many major metro areas.

All of this data is put in context by the ForSaleByOwner.com Pricing Guide, which shows sellers and buyers how home value factors affect buying and selling today.  The most authoritative source of home pricing is a full-fledged appraisal, which costs about $400, and mirrors the data used by lenders to approve a home mortgage.

"American homeowners deserve honest, transparent sources and methodology for home value statistics," said Eddie Tyner, general manager of ForSaleByOwner.com. "It is part of the ForSaleByOwner.com mission to equip sellers and buyers with everything they need to advocate for themselves in today's difficult housing market."

About ForSaleByOwner.com

ForSaleByOwner.com is the nation's largest and most robust "by owner" real estate website. In 2010 alone, ForSaleByOwner.com facilitated sales of $1.8 billion worth of residential real estate, enabling homeowners to keep at least $72 million* in home equity for themselves.  

Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by coaching and equipping them with information, tools and services that enable them to buy and sell houses directly.

By selling directly, homeowners can recoup more of their home equity by controlling transaction fees. The company charges $89 to $689 for its wide range of advertising, listing services and related information and tools. A homeowner selling a $300,000 home through a full service real estate agent would lose $18,000 in equity, based on the traditional 6% commission.

ForSaleByOwner.com was acquired in 2006 by Tribune Digital, a division of Tribune Companies, and is based in Chicago.

*Based on some home sellers paying a 2% commission to the agent representing the buyers of their homes. The traditional real estate commission is 6%.

SOURCE ForSaleByOwner.com