What’s Your Home’s Value?

A simple enough question, and is the first question, when getting ready to sell your home. The all popular “how’s the Real Estate market” is a close second, but is only part of the overall equation of value.

Price per square foot is not a correct way of valuing a home, whether you are buying or selling.  It presumes the sales price divided by the home’s size, is value: A 1500 sq. ft home on .19 of an acre (an average single family residence) at $165 per sq. foot, sure makes the same size home on one full acre at $278 per sq. ft. look way over priced! But, the one acre adds immense value to the property as an amenity or added value. Just like upgrades and remodels add value.

We have to look at like sales in your neighborhood:

Realtors and appraisers both, consider the sq. ft. size of your home, compared to like size homes in your neighborhood, and then consider and compare the amenities.

Granite counter tops, recessed lights, fresh and modern paint, etc. do add value over a home that’s older and not updated. Don’t worry though, we’re only talking about a few thousand dollars, usually not tens of thousands.

This 1400 Sq Ft. home is not worth as much as......

This 1400 Sq Ft. home is not worth as much as……

Lastly, we also have to consider Sacramento Real Estate market activity. If there is one or two other homes like yours for sale in the neighborhood, that indicates less competition-you might get a better price, especially if your home is in great shape. If yours is one of 5 or 8 or more listings, then your choice for list price should be accordingly, to remain competitive, without leaving money on the table.

Price per sq foot is an interesting tool for looking at value trends. In February of 2014, the average sales price per sq foot for Sacramento homes was $167 per sq foot. Six months later, August 2014 closed out at $175 per sq. foot, and has trended down a little in November $172 per sq. foot, and December 2014, down to $171 per sq. foot. (January not yet calculated at this publishing time) Still, a very nice increase in values year to year.

What’s your Sacramento home worth? Thinking of selling? My valuations are free and no obligation. Reach out to me via email, phone or  my Facebook page-Kylee Roe ReMax Gold!

....this 1400 Sq Ft home!

….this 1400 Sq Ft home!

 

 

There are no comments yet. Be the first and leave a response!

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://sacramento-houses.com/wp-trackback.php?p=345