U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-16-2021, 06:55 AM
 
3,543 posts, read 1,654,353 times
Reputation: 4543

Advertisements

I bought my home last September for $129 sq ft. Today most homes close to me are going for $155 sq ft. If this is true, then my home has appreciated quite a bit. Although my zestimite isn’t this high. Is it safe to say my home is valued at aprx $155 per square ft now?

Last edited by Berteau; 05-16-2021 at 07:47 AM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-16-2021, 07:06 AM
Status: "CANIACS GONE WILD!!!" (set 1 day ago)
 
Location: Cary, NC
37,845 posts, read 65,715,633 times
Reputation: 38286
While it would not be surprising to see that much appreciation, two points:

1. Local data, in detail, matters.

2. Don't make assumptions relying on online appraisals. They just cannot be relied on to give you a value. Heck, it might sell for MORE than $155/SF.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-16-2021, 09:24 AM
 
Location: Phoenix, AZ
3,669 posts, read 1,919,428 times
Reputation: 9595
Quote:
Today most homes close to me are going for $155 sq ft.
What counts is whether homes comparable to yours sold for $155 per sq ft. The estimates on the realtors' sites are just guides that have to be taken with a grain of salt and considered in conjunction with other factors.

I bought my house in June 2019 for $238,000.

Today, almost 2 years later:

Zestimate is $313,208
Redfin is $328,452
Homes.com is $301,665

Sales in my subdivision have been brisk for 2021 with sales prices (Feb through Apr) between $300,000 and $360,000 for comparable size and features.

Two nearby homes are up for sale. One for $380,000. Same size and layout as mine. One for $399,000. Same layout. About 75sf larger. Interiors of both are well kept but not modernized beyond what they were built with in 1986. Another home is coming up for sale down the street. I don't have the details yet.

I'm not planning on selling. I'm in for the long haul. It amazes me how fast property values have risen. It amuses me to keep track but I'm wondering when will the bubble burst and the house of cards come tumbling down again.

By the way, the realtor estimates do not include the 1200 sf 3 car garage/workshop I built in my back yard.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-16-2021, 12:37 PM
 
Location: Sandy Eggo's North County
3,603 posts, read 1,340,854 times
Reputation: 5061
Quote:
Originally Posted by Berteau View Post
I bought my home last September for $129 sq ft. Today most homes close to me are going for $155 sq ft. If this is true, then my home has appreciated quite a bit. Although my zestimite isn’t this high. Is it safe to say my home is valued at aprx $155 per square ft now?
For the most part, yes.

Outside factors can raise/lower this, but if corresponding property, close by is $155/sqft, then you likely are too.

Outside factors including, but not limited to:

Views

Neighbors property condition

Flood risk

Crime risk

Unstable Earth movement

Neighbors, in general
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-16-2021, 01:28 PM
 
Location: DFW - Coppell / Las Colinas
37,378 posts, read 41,737,156 times
Reputation: 45702
It could be. Home values around here are up an average of 25% in just 1 year.

So yours could be also depending on your local RE Market.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-18-2021, 08:11 AM
 
7 posts, read 1,162 times
Reputation: 10
Quote:
Originally Posted by MikeJaquish View Post
While it would not be surprising to see that much appreciation, two points:

1. Local data, in detail, matters.

2. Don't make assumptions relying on online appraisals. They just cannot be relied on to give you a value. Heck, it might sell for MORE than $155/SF.
I completely agree with you. The house could be appraised at more than $155. It all depends on the size of the house, repairs, and a host of other factors.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-18-2021, 09:30 AM
 
Location: Florida -
10,033 posts, read 12,725,239 times
Reputation: 21035
If someone is willing to pay $155 per sq. ft. for your home, then that's what it's worth (to them and you). Otherwise, average $ per sq. ft. and other indicators on sites like Zillow, etc. only give you an approximation of the 'market value' of what the sold homes in those listings were worth. That and other 'comps' still only give you a ballpark guestimate of what you could sell yours for.

We live in condos, which are a little easier to value based on sales of (same)/ similar units sold for in the same building/complex. Based on that, we've gained about 25-percent in value over the past year or so. But, even then, one needs to consider apples:apples (ie; is a boat slip included? Was the unit furnished? Was it significantly renovated/upgraded? Do sales of other similar units validate that assumption?)

Last edited by jghorton; 05-18-2021 at 09:41 AM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-18-2021, 11:19 AM
 
Location: USA
2,544 posts, read 1,006,521 times
Reputation: 7254
"Today most homes close to me are going for $155 sq ft. "

If and only if you can answer all these questions can you possibly approximate your selling price per square foot.

What type of countertops do these houses have?
Do these houses have hardwood floors or carpeting?
When were the HVAC systems on these houses replaced?
When was the roof replaced? Was it put on top of the old roof or attached like new?
Do these homes have impact windows?
Have the honey oak kitchen cabinets been replaced?
Have all the improvements been permitted and passed inspection?
Does the kitchen have up to date matching stainless steel appliances?
Did the houses have termite guarantee contracts that were transferable?
Were the houses staged?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-18-2021, 01:03 PM
 
Location: Phoenix, AZ > Raleigh, NC
17,168 posts, read 22,546,459 times
Reputation: 29019
Quote:
Originally Posted by Berteau View Post
I bought my home last September for $129 sq ft. Today most homes close to me are going for $155 sq ft. If this is true, then my home has appreciated quite a bit. Although my zestimite isn’t this high. Is it safe to say my home is valued at aprx $155 per square ft now?

Rhetorical post:

When I read comments like this, I always wonder WHY it matters. If you're not going to sell, WTH difference does it make beyond idle curiosity, cocktail party chit-chat and ego.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-18-2021, 01:16 PM
 
Location: Phoenix, AZ
3,669 posts, read 1,919,428 times
Reputation: 9595
Quote:
Originally Posted by Jkgourmet View Post
WTH difference does it make beyond idle curiosity, cocktail party chit-chat and ego.

Because this entire site is filled with idle curiosity, cocktail party chit-chat and ego. That's what people seem to come here for.



Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top