Warren County Ohio Real Estate News and Observations: Apples & Oranges & How They Effect Your Home's Value

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

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Comment balloon 8 commentsLiz and Bill Spear • June 07 2019 02:44AM

Comments

Automated online systems haven't been inside of any homes, and don't know the neighborhoods. Contacting a skilled and local agent is the way homebuyers can truly get a good idea of their home value.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty 914-419-0270 (NY), kat@thehousekat.com, (MT) 406-270-3667, more information to be provided shortly) 3 months ago

Good morning Bill. I once owned a home that was an orange in a barrel full of apples. It is a challenge but I enjoyed living there. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 3 months ago

Hello Liz and Bill - important information for consumers to know/understand.  In the aisle of the grocery store as well as a buyer/seller in the real estate arena.  Being able to make necessary adjustments entails knowledge of the nuances of the local market and a local expert likely is the best choice.  

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 3 months ago

Liz and Bill,

This is great information for those looking to sell or buy.  And the apples and oranges is a great anology.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) 3 months ago

Wise advice. You just reminded me of a conversation I had with a County Assessor some years ago. He said they didn't need to see the house - the square footage determined its value.

This was when I was arguing about the value they placed on a home wih siding only on the front, plywood floors and counter-tops, and no railing around the hole for the stairs to the basement.

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) 3 months ago

The automated programs that 'determine' a home's value can't give as good a value as a human--especially in the older areas when the houses are so very different. Cookie cutter subdivisions are a bit easier--but the there are factors to consider such as age of mechanicals, location in the subdivision, floor plan, etc

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 3 months ago

This is an excellent easy to understand comparison for homeowners.

 

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) 3 months ago

Hi Bill:

This is an excellent analogy for homeowners to better understand value. Unfortunately being unique does not always translate into higher value as some believe.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 3 months ago

Participate