Estimate the Value of Your Chicago Real Estate

December 10, 2011

chicago home valuesWondering what your Chicago real estate is worth? The National Association of Home Builders’ (NAHB) Estimator will help you to determine the value of your homes’ physical features, as well as the value of the neighborhood. The estimator enables builders, developers, prospective home buyers and home owners to see the impact that various physical features or updates might have on the price of a home.

“To get the most out of the estimator, those using it need to understand  that the nation’s housing marketplace is actually comprised of thousands of local markets and submarkets, with their own dynamics,” said NAHB Chairman Bob Nielsen, a home builder from Reno. Nev.

“Because the model uses data from the Census Bureau’s American Housing Survey, which contains somewhat limited geographical detail, the results show averages across a broad region rather than estimates for a particular house in a specific location,” said Paul Emrath, NAHB’s vice president for survey and housing policy research.

“The model captures the impact of various features in considerable detail, but no model or data base can capture all the features that influence house prices,” he said. “For that reason, a home owner shouldn’t think that the addition of a certain feature will necessarily increase the cost of their home by the amount specified by the estimator.”

The price estimator, which can be accessed on computers with Microsoft Excel, can be useful in a variety of settings, he said.

Other neighborhood features, the model finds, can reduce the price of the home. The presence of an abandoned building within half a block, for instance, reduces the estimated price of the standard new home in a Southern suburb by about $28,000. Bad roads, odors, lack of adequate shopping, buildings with metal bars on their windows and litter each reduce the estimated price by more than $6,000.

Looking at the physical features of the home, adding 500 square feet of living space with no other changes increases the estimated price of that home by roughly $13,000. Adding another bedroom or miscellaneous room increases the estimated price by less than $10,000. Eliminating the fireplace reduces the estimated price by about $24,000.

NAHB’s Single-Family Detached House Price Estimator can be found on NAHB’s website at: Let us know if you try the estimator, we’d love to know what you think!

Categories: Marketing, Web 2.0

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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