Your Home's Price in This Market
The housing bubble is over.
What is your home worth?
When you assess your net worth, you need to know the answer. Yet most people do not keep up with the sales prices of homes in their neighborhoods.
These days, it's getting easier to do this. People who sell their homes are using those plastic flyer-holding boxes that attach to the "For Sale" signs. I used this method a decade ago to sell my home. They were not popular then. They are now.
When you see a "For Sale" sign in your neighborhood, and it has flyers in the box, take a flyer. Take it home. See what that house offers compared to yours. See what the asking price is. Deduct at least 15% for negotiation, closing costs, and sales commission. I would deduct 20%. That's what the seller will receive.
If you live in a large city, you can also use Zillow. This site lets you target a neighborhood. You can see which houses are for sale, what the asking prices are, and what specific houses sold for recently.
If you are thinking of getting into real estate investing, you can see which way prices are going locally. Before you do, buy and read John Schaub's new book, "Building Real Estate Wealth in a Changing Market." (John answers specific questions on my site's Real Estate Q&A forum.) Monitor prices for two months. Also, see how long homes stay on the market.