What’s Your Home Worth?

Over the past 40 years, I must have appraised 450 or 500 homes and valued or inspected hundreds more. Prior to going into every home, I would pull all relevant information from tax roles’ plus additional information from the Multiple Listing Service. Pertinent information would be downloaded usually from a +/- 1⁄2 mile radius from the subject property including active listings, pending sales, closed sales, cancelled and expired listings.

Tax records indicate who is the current owner, when was the last purchase date, recorded amount of the loan on the property and who was the previous owner. It was always important to ascertain the reason for the appraisal. Maybe it was for a refinance or a purchase or an equity line of credit. All Information was valuable.

Prior to entering any property, I would drive past the subject property to look at the curb appeal and quality of what I am valuing. Then, I would drive the neighborhood to see if my property conforms to the neighborhood. Noticing if all the homes are well cared for and landscaped would typically add value. Noting if the properties are conforming is important.

As I am walking through the subject property, I am noting the general condition of the property, upgrades including painting, flooring, remodeling, new carpeting and appeal. When completed, the overall condition of the property is noted and all remodeling noted. Usually, I rate and value the property based on 5 values.

Prior to entering any property, I would drive past the subject property to look at the curb appeal and quality of what I am valuing. Then, I would drive the neighborhood to see if my property conforms to the neighborhood. Noticing if all the homes are well cared for and landscaped would typically add value. Noting if the properties are conforming is important.

As I am walking through the subject property, I am noting the general condition of the property, upgrades including painting, flooring, remodeling, new carpeting and appeal. When completed, the overall condition of the property is noted and all remodeling noted. Usually, I rate and value the property based on 5 values.

They are: 1) Completely Remodeled, 2) Updated Home, 3) Good Condition, 4) Original Condition and 5) Fixer.

Adjustments are usually made for location, size, age, condition, curb appeal quality, bedrooms, bathrooms, year built, lot size, pools/spas, amenities, additional rooms, time frame and all factors which may affect the value of the property.

So…here’s the ultimate question. If the subject property fronts a busy street, how much does the noise factor or traffic affect the value of the property? Here’s the Correct Answer: An appraiser is looking for the model match to the subject property sold within the last three months in order to determine what the location adjustment is according to the market.

As noted from the initial inspection, all remodeling and upgrades are compared to the comparable sales. Adjustments are made accordingly. Same goes for amenities. What is an inground pool and spa, an enclosed patio, a tennis or pickleball court worth?

As a seasoned valuation expert for 35+ years, here’s my issue: How can you estimate “market value” without driving the comparable sales and evaluating the upgrades of the properties that sold?

Here is where you need to be careful. If a realtor meets with you and discusses value based on a “Price Per Square Foot Basis, ” you need to RUN.This just means they did not do their job of reviewing the sales.

In my opinion, if a property is correctly priced, staged and given good access to the public and agents, you should sell within 30 days!

If you want a FREE, Professional, Honest Assessment from a Valuation Expert call or Email us for an appointment,