HOME VALUE ESTIMATE

You can look on the big sites like Zillow.com, Realtor.com or you can ask a local realtor to provide a more comprehensive comparison specific to your home.

What is the difference? We do not know the algorithms that other sites use, but they lean towards the average price per square foot for all homes sold in a geographic area. However, not all square footage is the same. This is only one of many facets that can affect the values of homes. The main factors are:

• Location
• Comps (similar homes that have recently sold)
• Size of home (SqFt)
• Year Built
• Condition of property
• Supply and demand

In Southwest Florida there are other factors that affect the desirability and price of homes here:

• View
• Orientation (South, East, West, North)
• Master Bedroom location (upstairs or downstairs)
• Floor plan
• Pool / No Pool

LOCATION, LOCATION, LOCATION - the number one rule in real estate! Proximity to whatever is important in a geographic area - schools, shopping, major roads, hospitals, airports, and the list goes on. When in a planned development, access to the clubhouse or golf course or being on a cul-de-sac can have an impact on value. Identical homes can increase or decrease in value due to various locations.

COMPARABLES (Comps) - help buyers evaluate the listing price compared to other recent sales in the community and against current competition of homes to choose from. Comps help sellers understand how their home compares to other homes that are currently on the market. Comps are a benchmark for both buyer and seller and setting some expectations about what to offer and what to accept. Dig deeper into the comps to find out how long a house was on the market before selling and how long current homes have been on the market. Not only do you want to compare price, but you want to compare selling trends so your time frame is realistic based on the price you list. In addition, is the trend going up, down, or flat.

SQUARE FEET (SqFt) - Not all square footage is the same. A 2,800 SqFt single story homes is not the same as a 2,800 SqFt two-story home .This also could be said for a 2,400 square foot 3 bedroom home and a 2,400 square foot 4 bedroom home. Their square footage's are almost identical, but 2 story homes live completely different than single story and an extra bedroom could influence the price significantly. There may be an addition that is not attached to the main home that has AC and is included as part of the "under air" total square footage. Technically, this is correct, but if a home has a 500 square foot detached studio and is listed as 4,300 square feet is different than a home that has 4,300 square feet under the same roof. With condos, the square footage may be identical but then pricing may vary by top floor versus ground floor or interior units versus end units. In essence, not all square footage is the same.

YEAR BUILT - this one is a bit obvious, but the newer the house, typically the more value. There are definitely exceptions based on the finishes of the home or an older home that has been remodeled. In addition to the age of the home comes the age of the roof, pool, and other appliances and equipment. Ages of roofs are very important when obtaining insurance in Florida. Some homes are simply un-insurable if the age of roof is too old. Sellers need to be aware of this as they may have not had a problem in years with their current insurance but it could become an issue for a new buyer.

CONDITION OF PROPERTY - not only does the condition affect value, but it affects the marketability of a home. Not all buyers are have an appetite for a project. This especially holds true in an area with a seasonal owners as managing a project from afar is not as desirable than buying a home with condition changes needed.

SUPPLY AND DEMAND - how much competition is there? How much demand in the current market environment. How fast are the homes selling for and how close to list or possibly above list are the homes selling for. One community may have 3 homes for sale and another community may have 10 homes for sale. The sellers competing with 2 other homes will hold their price more than the sellers with 9 other competing homes. Supply and demand has an impact for an area but can also have an impact within a smaller concentrated community.

VIEW - in most cases, there is a premium put on homes with a water view. Longer the water view, the larger the premium. Open fairway views may carry a premium over the view of a putting green or t-box. Is there a golf cart path running behind the property? Is there a view of a multi-family properties? Sunrise or sunset views? Preserve (woods) views and views of community walls will impact the value of the property also.

ORIENTATION - is the house or condo facing (the back of the property) east, west, south or north? East is sunrise, West is sunset and South is sun all day long. North has more shade and depending on how the lanai is constructed will provide more or less shade. Does the lanai have more room on the east or west side in the back? This will also affect how much sun exposure will come through during the day. Western exposure offers sunsets but also offers direct sun into the back of the home as it is setting which can become quite hot at times.

FLOOR PLAN - traditional or open floor plan? Formal dining or an extra flex room? Is the kitchen closed off or inviting to the rest of the home. Some homes have side entrances instead of traditional front entrances. Long and more deep of a layout or more wide and not as deep.

POOL / NO POOL - homes with pools add value if it is a true pool. Some homes have pools that are so small  and can make it difficult to sell when competing against other homes with a more usable pool. Is there room to add a pool if the home does not have a pool. Pool cages can add value or they can be a detriment if they are older and deteriorating. Lanai sizes are also important and having extra room to expand the lanai can affect the marketability of a home.

Once a seller lists their property, they have no control over more competition coming on the market  A seller can be priced to sell in 30 days or less and 5 more similar properties come on and the seller may have to reset their strategy to sell.

Working with Ryan, you will receive a detailed "big picture" analysis. You, the seller, will be guided with honesty and integrity and will have all
the data to make a very well-informed decision about the value of your home, what it could potentially sell for, and how fast your home should sell for.

For a Home Value Analysis, please feel free to contact!