<p>--on financial aid forms such as CSS profile? WIth the bursting of the real estate bubble, who knows what is an accurate estimate of our home's worth?</p>
<p>use the website <a href=“http://www.Zillow.com%5B/url%5D”>www.Zillow.com</a></p>
<p>web site gives an estimate and a range</p>
<p>shows significant decreases since 2007 :-)</p>
<p>in my Town it’s been fairly accurate compared to appraisals used for refinancing</p>
<p>My daughter’s college used the federal housing index figures – see [FinAid</a> | Calculators | Federal Housing Index Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>
<p>Don’t use Zillow as your only source, its accuracy can vary wildly, according to my RE agent spouse, who has gotten used to dealing with outraged customers who point to Zillow and expect to get at least (or only pay) that price, as if Zillow is omnipotent or something.</p>
<p>I personally used the Federal housing index because that gave me the most advantageous number.</p>
<p>I just tried the federal housing calculator and it is definitely wrong for houses bought in the last few years. Although I don’t own this house, I know how much it sold for and when it was bought. I also know it wouldn’t get that same price today. Nor would hardly any homes that were bought in 2006 or 2007. But the calculator thinks the price has stayed the same. It hasn’t.</p>
<p>^^^ Well sure, no single multiplier can possibly accurately reflect every property and transaction. But it does provide some fact-based indicator of how property values have changed in general over the years.</p>
<p>I think schools like to use it because it eliminates arguments - they can just point to this number from the Fed and say “that is what we are using, end of discussion”. But it won’t be right in many cases, same as Zillow.</p>
<p>If you think your value is substantially under what the Fed multiplier shows, I think there is an area for comments where you can explain it.</p>
<p>Just call a friendly local realtor and get some comps faxed or e-mailed. Use that to value the house and put the comps into a folder if you’re ever in an audit situation. Comps will give you the actual selling value right now in your neighborhood or town. The federal housing calculator presumes that markets have been constant across the country.</p>
<p>I ask our realtor who sold us the house over 30 years ago & she always gives me comparitives to use when I fill out the CSS Profile. There is no sense in overstating the value of your home. Plus, so many people are “upside down” these days!</p>
<p>What about using the assessed value off of your property tax form?</p>
<p>If it’s accurate in your state. In many states it’s not an accurate representation of value. I still prefer market value and it is a simple phone call and someone else does the work…who can beat that.</p>
<p>For you home(single family, condo or townhouse), it is very easy. As all the poster suggested, you can get a valuation from any realestate agent who is wooing you to sell the house. It can be done in ANY market, upside down or otherwise.</p>
<p>It is the commercial property that has the problem getting the valuation.</p>
<p>See this page from “Paying for College Without Going Broke” - a book that I HIGHLY recommend:
[Paying</a> for College Without Going Broke - Google Books](<a href=“Paying for College Without Going Broke - Kalman A. Chany, Geoff Martz - Google Books”>Paying for College Without Going Broke - Kalman A. Chany, Geoff Martz - Google Books)</p>
<p>Also, I posted this on another thread when someone asked about home value:
<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1016853-link-10-13-2010-efc-formula-guide-2011-2012-a-2.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1016853-link-10-13-2010-efc-formula-guide-2011-2012-a-2.html</a></p>
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<p>In many states, the assessed value has little correlation with the market value. This because of voter initiatives which cap the assessed value based on broad formulas. This may not be the cases in all states but check your state.</p>
<p>The best is to get comparisons from a Realtor who knows the area. If you are very particular, you can get an appraisal done by a licensed appraiser but it could cost you over $300. It may not be better than free one given by your Realtor but it is less likely to be challenged.</p>
<p>In my area, the proper way to determine your property value is to take what it was worth 3 years ago & divide by 2 … then cry.</p>