Pricing

It is dificult to price a home especially if a home is in an area where very little has sold recently. But, it isn't impossible. We just need to work with it and offer a lot of information to our clients to help them come to a price that will bring in an offer.

So many people place a lot of importance on price per square foot. While this should be one of the factors, in my opinion, it is only one small factor. However, the multiple listing service provides this information and everyone feels is the most important question to ask. I just don't agree.

The overall condition of the home, the number of bedrooms, bathrooms, sinks, materials used to construct the house, the location of the house, updates, remodeling, the landscaping, views, and so much more has to be considered before placing a value on a home. When I list a home in an area that has very few recently sold homes, I research a similar neighborhood for comparison. Additionally, I try to find very similar homes in terms of age, construction, updates, landscaping, and all. Then I subtract or add for additional characteristics such as a pool and spa, view etc. If I can drive by sold homes, and view photos, I do. I have found the listing and selling agents to be available with information about the home that they sold which really helps.

Some home owners feel their home is more valuable because they have more square footage because they enclosed their garage. Buyers today are looking for purposeful rooms and not just big spaces to heat and cool. Storage, garages, and such are important and purposeful. People today have computers and need offices. They need a wide wall to hold their TV and they don't like being crowded but space just for space isn't what they want either.

When in doubt, I use an appraiser. An appraisal provides the potential buyer a lot of confidence in how to structure an offer.

So, think it through before you jump on that price per square footage number as a way to calculate the value of your home or to make an offer.