How Much is My Home Worth in Salt Lake City?

How much is my home worth?

In Blog, Selling a Home by Erika Wiggins

“How much is my home worth Salt Lake City”

Let me guess…as soon as you decided to sell your home, you Googled this. Most sellers do. And there are lots of answers out there, including websites that claim they can give you an instant answer. I know because nearly every conversation I have with a seller includes, “I looked online, and it said my home is worth…”

I wish it were that easy! If it were, I’d have a lot more free time. But realistically, it takes a lot of research and experience to accurately value most single-family homes. Even though Zillow.com says your home is worth $300,000, it might actually be worth $340,000. Sometimes the values these sites spit out are laughable.

Instant value websites are often misleading because they don’t adjust for location or condition of a home. They also don’t know if there was distress involved in the sale. For example, a well-kept Sugar House home on a quiet street may get averaged with one two blocks over on a bust street.

Homes are as individual as the people living in them. But the ramshackle house down the street that sold recently may be influencing the “value” of your home if no judgment is used.

So how much is my house worth?

I wish this were a simple answer.

When I look at home values in Salt Lake City, I factor in the location, size, condition of the home, upgrades, and lot square footage. Then I look for comparable homes that have sold recently, adjusting the value for these factors. I also look at current and pending listings. I place the most weight on sold and pending listings because the active one may be overpriced, especially if I notice they’ve been available for a long time.

Sometimes I notice a sale that seems to be far above or below the average. In that case I try to find out why. To include it without context would be remiss. If it was because of an unusual situation, I’ll toss it out because the value wouldn’t translate. With all of this information I’ll have a pretty good estimate of current value.

Next, I look a market trends before setting a list price. When prices are shifting rapidly, it’s critical to anticipate what the value may be by the time it’s on the market.

If you own a condo or other home where most of the units are the same, your value is easier to estimate, as long as you only look within your complex. There will still be variables for condition etc, but overall there’s more in common than different.

In summary, homes are worth what the current market determines they are worth. Interpreting that information is the challenge. Your best bet is to hire an appraiser or ask an experienced Realtor.

I provide my listing clients with my research and a professional appraisal (at my cost). This is a huge benefit in a rapidly changing market like we’re in now. It adds confidence in pricing and gives insight to how it will appraise for potential buyers.

If you’d like a good estimate of your home’s value, give me a call. I have the resources and experience to give you an estimate of your home’s value.

How Much is My Home Worth in Salt Lake City?