Wondering what your home or multi-family property is worth? The simple answer to your question is that it’s worth whatever someone will pay for it. But how is that determined?
Say you’re getting ready to sell your three-flat. If you are looking to sell a home, you can help determine a good selling price by looking at similar, recently sold properties in your neighborhood. This gives you an idea of a good listing price for your property that will generate interest from buyers.
Googling “My property’s value” will generate a lot of search features from all over the country. Our Advanced Search feature provides a filter that allows you to view sold properties in any neighborhood in Chicago to provide an accurate picture of local property values.
If you’re a motivated seller with a selling agent already in place, they will use a database to help determine a good listing price. You can conduct your own search on sold homes or condos in the area with these easy step-by-step instructions.
Find the Advanced Search button on the top toolbar on our website or linked throughout our web pages.
To get an accurate picture of your property’s value, search for homes that are similar to it.
Your narrowed search results will show the selling prices of properties like yours. If a number is in red, the property sold at or below the asking price. If it’s green, it sold for over the asking price.
A potential buyer for your residential multi-family will most likely compare your property’s current rental income with properties nearby. To see rental income of properties that have sold, you can select a home and look under the section “Additional Information.” The listing agent will usually list either the gross rental income or the separate rent for each unit.
If you own a residential multi-family, your property’s proximity to amenities like public transportation or shopping impacts its value for generating rental income, so it’s good to look at properties with similar accessibility to predict a good selling price. To get a better idea of where properties are situated, use the map view and click and drag.
Although our Advanced Search feature is a great start to determining your property’s value, it only takes into account the final numbers in an ever-changing market. A professional opinion from a licensed agent can give a more in-depth look into the many factors that determine your property’s value, such as shifting market demands, fluctuations in price, and home valuation. If you want a concrete, accurate home value estimate, we would be happy to help. Contact us to get in touch with one of our seasoned real estate agents and get started.
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than our company are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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Based on information submitted to the MRED as of . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.
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