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What is the value of my house?

It is said that something is only worth what someone else is willing to pay for it and so it is true in real estate. But when we list property we want and need to know what to expect the market will pay for the property prior to putting it on the market.
In order to determine the value of a home, we need to look at the comparable homes in the area. In a subdivision where the properties have relatively the same square footage, and floor plans it is not hard to find similar properties that have sold and based on condition, determine the value of a property. In addition to looking at the price per square foot, you also want to look at the actual price of the property in comparison to the other properties. If you have the largest house in the neighborhood then the price per square foot should be less than average, while the smallest house in the neighborhood will typically have a higher price per square foot. This is sometimes referred to as a floor and ceiling.
Properties that are unique or are in more rural parts of town become harder to determine value. But the premise is still the same. We want to find comparable properties within an area that have sold that distinguish value.
Some features add value to a buyer like a swimming pool, Florida room, shop, or storm shelter, but typically not at the value that the seller paid.
Buyers will sometimes go to the county assessor’s website to determine value. They believe that the value the county determines is accurate. Not true. This is the taxable value. It is used to determine the amount of tax revenue an owner pays. I have seen this number inflated as well as well below actual market value. I tell my buyers if the tax value is more than they paid for the property, they should dispute the value with the county assessor and lower their tax burden.
If you have questions about real estate, please feel free to call me at 405-213-2992 or visit my website at http://www.sandiwalker.com

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