What Do You Think My House Is Worth?

Just off the top of your head, Ms. Realtor what do you tell me what my house is worth? This is a question that so many people ask. Here is the answer. How can I know what a house is worth off the top of my head? An asset that is worth several hundreds of thousands of dollars or more can just be evaluated in an instant?

The fact that an appraiser comes out and measures your house takes photos inside and out. Then often a lengthy evaluation report of data is completed and a narrative study about the market. The appraiser uses the subject property and interprets data with comparable sales, upgrades and improvements. Other factors can be deferred maintenance and neighborhood factors. If an appraiser is doing 6 appraisals a week, then an appraisal can take 8 hours to complete.

Over improvement in a home can also be a negative factor. A seller looks at how much money they have invested. The problem is this if in an area the highest sale is $ 499,000. The 2500 square footage is the highest and the subject is larger with many upgrades. Then the owner feels the extra square footage should be priced at the overall square foot price.

The upgrades and improvements should conform to the area. The extra footage is not generally calculated that way. The extra footage may be about $75 per foot; this is what I have seen in the last 3 appraisals. This $75 is an estimate only as it could be lower or higher. If the most expensive property in an area is 3000 square foot and the subject is 4000 square foot that extra 1000 feet may be priced lower than the 3000  per square foot price example.

The idea here is to be concerned of anyone tells you they can give you an instant evaluation value. Some online services give an instant analysis however that evaluation is often off by quite a bit. Always ask to see the actual evaluation worksheets. Just off the top of your head, what do you think my house is worth? Ok, I can’t give you an accurate professional answer.

If you would like a professional opinion of value please call Weintraub & Wallace Realtors with RE/MAX Gold at 916-233-6759.

• – JaCi Wallace