How Do You Determine Your Home's True Value?

March 9, 2024

How do you determine the true value of your home? Whether you're thinking of selling and need to set the right price or considering buying and wanting to make a smart offer? This video is for you.

I'm Amber Johnson, the founder of Pillar Real Estate. Several factors come into play when determining a home's value size, condition, location, marketing and negotiating. These variables can have a significant impact on the final sales price. Let's start with size. Comparing a 2,000 square foot home to a 4,000 square foot home is like comparing a Maserati to a Honda. They are not comparable. Size does matter and you should aim to compare homes with a similar square footage range. Typically, appraisers consider homes within a 200 to 400 square foot difference when determining value. Now think about condition just like you would with a car. You can't compare a beat up old car to a brand new one. The same principle applies to homes. Consider how upgraded and how modern a home is. Evaluate the landscaping, neighborhood desirability and whether there are any noise or esthetic nuisances like overhead power lines or heavy traffic noise that might affect the value. Speaking of value, watch our video on marketing your Home to learn more about how essential it is in the pricing process. Effective marketing can make a significant difference in the final sales price.

When pricing your home, it's natural to feel emotionally attached, and you might believe that it's worth more than any other in your neighborhood. But it's crucial to look at all the variables objectively, and I can help you with that underpricing your home. We should also talk about and consider because you can leave money on the table. At Pillar Real Estate we have a deep understanding of the local market and we want you to live where you love. Reach out to us and let's make your home selling or buying experience exceptional.