Warren County Ohio Real Estate News and Observations

Apples & Oranges & How They Effect Your Home's Value

apples, oranges and a nut?Exhibit A: an apple.

Exhibit B: an orange.

They're both fruit.

They both have seeds inside.

They both have benefits if you eat them.

But they're NOT the same are they? 

In just as many ways as they're similar, they're also just as different.

What do apples and oranges have to do with your home's value???

You've heard the phrase about comparing apples and oranges??

Well that's what often happens when people try to determine their home's value.

The more uniform a community, the easier it is to estimate a home's market value.

If your community is primarily 2 story, 4 bedroom, 2.5 bath, 2 car garage homes on similar size lots, built by the same builder, the home values will be fairly predictable and in a fairly tight band.  You've got apples to the left of you and apples to the right of you!

 

But let's say you're home is a bit different than the rest. 

Maybe your lot is twice the size of every other home.

Maybe your home has one less (or more) bedroom than typical.

You've got a 3 car garage and they've got 2.

You're one of the 5% in the community with a ranch style home.

Any significant difference between your home and the rest moves your home away from the community average and makes the value of your home less predictable.  You've just become an orange in a bushel of apples!

That's not necessarily a bad thing!  That difference MAY make your home more appealing if that difference is something that appeals to buyers.

But it CAN be a bad thing too.  When you're short a bedroom versus typical, the buyer pool for your home shrinks.  And when the buyer pool shrinks, the demand for your home can also shrink.

So what do you do to understand your home's value?  Steer clear of automated programs that don't know your home is an orange surrounded by apples.  Contact a real estate pro to help you determine the true value of your home.

 

Want to discuss further?  Just give us a call at 513-520=5305 or email Liz@LizSpear.com.

We look forward to hearing from you!

Serving Warren County Ohio area home buyers and sellers,

Bill & Liz aka BLiz

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Comment balloon 8 commentsLiz and Bill Spear • June 07 2019 02:44AM
Apples & Oranges & How They Effect Your Home's Value
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