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Estimated Home Value

Estimated Home Value

Our primary home is one of the largest assets in our portfolio. Determining the market value at a given point in time requires more than an algorithm guesstimate from Big Data.

All of the residential valuations in The Woodlands utilize the Sales Comparison Approach. This is defined as follows:

Sales Price of Comparable Properties

Typical criteria used to determine a comparable includes square footage, lot size, view, age, number of bedrooms, bath rooms, garage spaces, additional areas (game, media, study), and levels (1 or 2 story).

We are going to choose three to five comparable properties for the first step in the process. The source of this information is the Multiple Listing Service. Occasionally, a pocket listing private sale will have a positive impact on comparable sales. As a local-focused Realtor, I will know about this sale and have enough rapport with the pocket listing Realtor to get the necessary information.

Adjustments – Part 1

Ideally, we would find three to five comparable sales with identical criteria. In reality, we will find three comparable sales and will need to start making plus or minus adjustments to compensate for missing or additional components. As a local-focused Realtor, I know the values our local market places on a bedroom, a bath, etc. based on my 16-year personal 700+ seller and buyer transactions history.

Adjustments – Part 2

Condition — A well-maintained home will command a higher price level than a home in need of basic maintenance and repairs. As a local-focused Realtor, I am able to assign a value to condition adjustments that mirror our market history.

Updates — A home with recently updated paint, flooring, window coverings, kitchens, baths, pools, new appliances will have a positive impact on the adjustment stage.

Location — A home on a greenbelt, golf course, lake, water feature, cul-de-sac will be a positive adjustment versus a home backing or siding to a non-neighborhood street.

Examples include Woodlands Parkway, Research Forest, Kuykendahl, Flintridge, etc. I have plus and minus percentages assigned to all location factors based on 16-year personal seller and buyer transaction history.

Is your home located in a noise pollution zone?…. I can provide the answer.

Is driving time to I-45 a factor?….I can provide the answer.

Adjustments – Part 3

Market Conditions — 2013 was a fabulous year for sellers in The Woodlands with record-setting sale prices per square foot! Our inventory of available homes was record-low with months-of-inventory hovering at an incredible two months. We use our own proprietary market tracking to determine state of the market. You are invited to view the results of our market analysis on this site and our blog.

During our initial meeting to discuss the current value of your home, I will explain in detail the impact that market conditions and timing will have on your specific list price range.

Style and Trends — Working with both sellers and buyers, I have the advantage of gaining hands-on knowledge of buyer preferences for their ideal home. Visiting 500 to 600 active local listings annually with buyers, I have access to both the positive and negative elements of their home search checklist.

Using this knowledge, I am able to make another fine-tuning adjustment that could add to your home’s value.

Takeaway

An accurate estimate of your home’s value will require a Realtor walk-through to complete an adjustment checklist. During our meeting, I would need a list of updates with completion month/year and cost. Examples would include new pool, new roof, kitchen and/or bath updates, room addition, etc.

This estimate will be a range rather than an exact number. After 16 years and 700+ transactions, I have a 98% range accuracy rate.

Ready for the next step? Call me at 713.256.4998 or email at team@micheleflory.com