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

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

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

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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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Rainmaker
1,406,085
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

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.

Jun 07, 2019 03:24 AM #1
Rainmaker
3,173,491
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

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!

Jun 07, 2019 05:12 AM #2
Rainmaker
3,246,863
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

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.  

Jun 07, 2019 08:32 AM #3
Rainmaker
4,321,524
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Liz and Bill,

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

Jun 07, 2019 01:40 PM #4
Rainmaker
1,513,424
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

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.

Jun 07, 2019 06:06 PM #5
Rainmaker
497,435
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

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

Jun 08, 2019 09:09 AM #6
Rainmaker
1,057,402
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

This is an excellent easy to understand comparison for homeowners.

 

Jun 08, 2019 09:43 PM #7
Ambassador
3,918,117
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

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

Jun 10, 2019 10:42 AM #8
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