I say "It depends on why you're asking -  The bank will give you one evaluation, your insurance company will double it and a buyer will cut it in half!"

Why do you ask?  Are you interested in moving?  Are you just curious?   

I start by asking more questions.  

I tell them I would love to give them my professional opinion of value. "Which day works best, Tuesday or Thursday, for me to come an see exactly what we will be selling?"

Kevin J. May - As a real estate appraiser (for property assessment purposes) I get this all the time. My standard reply is: "I can't do that without substantial analysis. I need to consider comparable sales and know much more about your property. It's the equivalent of asking someone to guess the value of an item they have hidden in a shoebox."

NO , I tell them that pricing is an exact science and that the experts (APPRAISERS) always start with an Inspection of the subject property !

I hate being put on the spot like that... "I have a 3br/1.1 bath with an olympic sized swimming pool... what do you think that would sell for?"

I respond with, "I have a 1987 Ford Fairlane V-8 with air conditioning... what do you think that would sell for?"

They look a touch befuddled and answer "I don't know... I'd have to do some research".

I respond "Me, too".

I always tell them I have to see the property first, research any upgrades before I give them a number - and even then the number is a "guesstimate"

Or, better yet, the all inclusive "So, how's the real estate market doing?"  Or, "How are interest rates?" which always baffles me, since I'm not a lender.  I can never spout off on value until I run the numbers.  But when an owner does ask you what their home is worth, what a great foot in the door to get an appointment to come visit them to see the property.  

A jeweler isn't going to be able appraise and evaluate a diamond by doing so over the phone, or off the cuff, or without their loop.  

My common responses, with a smile and a kind sense of humor, never arrogance:

"I try to get my doctor to prescribe pills to me over the phone, but he still in 2016 insists on me coming in for an exam & to answer specific questions first."

"Sorry, I don't do Zestimates, as a professional, I owe you more than that, so I'll need to see your home, before I'm able to share what the market says your home is worth."

and I'll be adding Anna Hatridge 's response, I like that one.

This is why I am a boutique. We are not a free instant info line. "Market and financial analysis are services we perform for our clients. If you would like to set up a consultation, we will be happy to discuss our services with you."

If it is my local area I have a good idea but not exact. My response would be a range with a disclaimer that "multiple factors can influence positively and negatively so when can I come by?"

More than a dollar and less tha the sky is the limit! Now do you want a real answer or!

I usually tell them I have to see it first. That usually eliminates the ones that are just curious and asking just to ask.

I say, let's set up an appointment so I can give you information about the neighborhood and also take a look at your home. 

Actually it is not hard to grab a value at random. Land has a value and to improve it, costs X per square foot. Ask where it is and you can offer a figure

In our world of instant gratification, the concept that accuracy is not always available with the click of a computert key needs to be 'sold' to the public. An example supporting this is appraisers for accuracy require a home visit, and a fair amount of research.

we will never give an answer until we have seen the home and then the research.... 

I always tell them I need to see the home to adequately compare to their competition of recently sold properties. I ask for an appointment.

Kevin J. May Simple answer: It's worth what a ready, willing and able buyer will pay for it. Offer to do a CMA.

We do not give an instant response and tell homeowners...one of their largest assets needs the time and care we take to evaluate ...not a moment's response.

Spout off a number.

I would hardly call it that.

With all the freely available numbers the owner has access to, it would be a mistake to think they are shopping for yet another incorrect value.

What are they really wanting?

With one question you can determine if they are trolling for opinions or looking to make a change. The response, if any, that one gives, must be directed at the intent.

But 'spouting,' is what most agents do whenever they give their opinion usually sounding like, "That is over-priced."

What I do is compel the owner to vest themselves into the outcome. Bad data in, bad outcome certain. In essence, I can not see their property, but THEY can.

I hear it too and just defer to my standard answer that until I see it and compare its features to what has sold recently in the marketplace I cannot give you a price range. 

The latter

I tell them that I would like to see the property, do the research and then meet with them to go over my findings and recommendations.

Never & I always wonder if they think I am a walking computer. I do not.

I have told them the last one sold for 'x' but that's not your model if I know.

Ask them what your car is worth... get the well, I don't know what you drive... exactly. Like a diamond, gotta put it under the microscope, check the other properties around it too and what sold, what is competing for a ready, willing and able buyer. 

Kevin J. May - well, there is a canned answer for that...

"Gee. I have not seen your home yet.." (and schedule the appointment.)

That's for Zillow, not for us!

i always ask them what they think its worth and why?

I'd tell them that I haven't seen the inside yet.  Then make an appointment.

I like to share why it's important for me to do some research so I can give them the best answer. Even if they are not planning on selling they deserve a well-researched answer and not something I pull out of my real estate hat!

Kevin J. May Once again our ActiveRain community has given you many good answers

Not only do they want an instant answer, they want to hear just what THEY want to hear!

 I say.... to be fair to you I have to see  the home.  Or I can just give you a range based on your report... Why do you ask? Ands use it  as a further opening for a listing appointment.

      The value depends on a number of factors.  No Real Estate Broker or Real Estate Appraiser can tell you what your property is worth without physically inspecting the property.   I can come by this afternoon or tomorrow morning to take a look, then we can determine the value of your house.   Which time works best for you?

No, I don't answer.  I will let them know what other homes have sold for in their vicinity.

If I am asked by someone in my own neighborhood, which I farm, I have a pretty good idea of the range just by hearing what type of home they have and where it is located.  I try not to give one specific number off the cuff.

I get this kind of question about forestland properties all the time too.  and have an AR friend from california who keeps getting frustrated because I cant give him a value estimate.

Far to complex to do over the phone, we need to spend some time in the woods...

Absolutely not.  I won't provide a valuation without seeing the property and asking a LOT of questions. 

Ned to see it before I can quote you an estimated value!

Hard data..... Tell them it takes time .....

For an exact number i have to see the home.  I usualy pull comps based on the tax card or old mls data and can adjust after seeing the home.

I know we are good but we need to do some research to come up with a sales price.

Kevin, I say it depends on the person and the property.  If I'm familiar with house prices in the area I might give them a price range but will always follow up with questions to probe motivation and urgency and getting their contact information for future follow.   If they are ready, I schedule a time to look at the house for a closer look and tighter numbers. 

I never spout out an answer.  I think all about the market in general and get back to them promptly.

I usually hop on RPR and give them a "preliminary valuation".

I can only imagine what it's like to be a doctor and have people shoving body parts in your face and asking, "what do you think is wrong here?"  I do have people ask me all the time "how much is this property worth?" and "is it still a seller's market?" As if I know or can answer without seeing a property or looking at statistics.  I do give "generalities"--the median price of homes in our county, the number of homes sold, the number of days on market, and the number of price reductions.  But then I explain every geographic region is different and a lot depends on the area.  Sometimes they ask for a CMA or more information, and sometimes they don't.  For those who do, they are serious about buying or seling, and the others simply want to know if you'll tell them what they wanlt to hear and then they'll call their "usual" agent, who is not you! LOL!

So yes, I give generalities and then specifics to those who are actually interested in getting the information.

I tell them $2 million. Then I laugh.  I tell them it's worth that to you right!  Then I tell them a buyer may want to offer a little less than that...they laugh.  Then I ask them if they want to talk about it later.

If I can't view the home right away, I usually find the low to high range based on comps and info on the subject property.  If it's in tip top shape, move-in ready, updated, etc.... then they'll be closer to the high range.  If it hasn't been updated in years or decades, needs minor repairs, etc.... most likely closer to the low range.  I also tell them if it's trashed, neglected, or worse, it might be even lower. 

I wont give them a number because I find even if you ask about the condition of their home it is rarely accurate. 

I ask to walk the property and then pull accurate sold comps before I shoot myself in the foot.

I think you can throw out a bracketed price so they know that you know the neighborhood and then tell them you can't give a price until you see the house. 

Actually I have never been asked that question without being invited to see the home, Kevin!  But I love all the responses you received here which show real clarity from agents.

Sure, I can give you a number but have no idea how valid the number is until I see property and conduct some research. Last time I was asked was from an out-of-state owner/broker who was trying to check the number her agent (my competitor) gave her. I politely declined but told her agent about the phone call. Got back an, "Oh, thank you." Ridiculous requests are part of the business but this broker/owner should have known better!     

I like Michael Jacobs approach!

I tell them that it requires research and I'd be happy to tell them over a listing appointment.

The only responsible answer is to request to see the home so you can properly evaluate the home's condition, improvements and upgrades so you can provide your best estimate.

Good morning Kevin,

I will ask several questions before answering and researching.

Not only that, I have had two people ask me to list their property sight unseen in the last couple of weeks.

I always tell them there is no way I would do them a dis-service and shoot from the hip. I might tell them a very broad range of where homes in their neighborhood have been selling in the past 3-6 months. But I won't provide a number until I see the hosue.

Explain the process.

No. I tell them I need to get inside to give a real figure. But I'll give them averages for the area if they insist.

I research and provide a valuation. General questions usually get general answers( aka zestimate kind). I'd answer by asking: ''why do you ask?'' and go from there. 

It is worth whatever somebody will pay for it.  Higher end is a wild card, you never can tell. 

Some sit on the market for years while others sell before the listing posts.

Is your seller kinda Forest Gump in the upstairs?

You need new owners or a better way of pre-screening them.  

Happens all the time in this biz. It's a real circus with Manufactured Homes. 

both. i think i would give a number to be optomistic (ask questions..then ask to see it and provide accurate data

There's a Zillow for that.  I never give a number without doing my research.

Kevin,

That is crazy that they even ask that...A