What is My Home Worth?

What is My Home Worth? 

Over 20 years of selling real estate, that’s the question I’ve been asked the most.

Today, I'm launching the first part of a three-part series on how I price a home for the market.

1. Thoroughly Understand the Property.

To price a home correctly, I need to understand everything about the property. This helps me compare it with other homes and choose the right price. I start by looking at recent home sales in a large area, like the whole school district. Then I narrow it down to smaller areas, such as homes within the same elementary school district, depending on how many similar sales I can find.

Here are the key factors I focus on to make sure the price is accurate:

• School Districts: Staying within the same district is a priority, especially in Westchester County. If I absolutely need to, I will expand to nearby districts with similar rankings.

• Geography: The closer to the subject property - the better. Unique properties such as farms, equestrian properties, mixed-use homes, or commercial buildings typically require a larger radius.

• Home Age: Homes within a 10-year range of the subject property are ideal. If that does not yield enough sales, I expand the search.

• Condition: I carefully evaluate the property’s overall condition, including curb appeal, roof condition, interior renovations, age of appliances, and land features.

• Size: Start with a broad size range, then narrow it based on results. For example, with a 3,200 sq ft house, I search homes between 2,000 and 4,000 sq ft, adjusting if there are too many matches.

• Style: Always consider the architectural style of the home. A modern house in a neighborhood full of traditional colonials may have a different market appeal. Adjust expectations based on how common or rare the style is in the local market.

Ralph’s Take

Really understanding your property is only the beginning, but it’s very important. It flows into the other two steps which we will cover in the upcoming editions.