The short answer: Your house is worth what a buyer will pay for it today. I figure that out by looking at what similar homes near you sold for recently, then adjusting for what makes yours different. An online estimate is a starting point. It can't see inside your house.
Start with what sold, not what is listed
A list price is what someone hopes to get. A sale price is what actually happened. So I start with homes that closed recently, close to yours, and similar in size and age.
That set of homes is called comps, short for comparable sales.
Then adjust for what makes yours different
No two houses match. So I adjust for the things a buyer would notice:
- Size and layout
- Condition, and what has been updated
- Lot, location and street
- Anything that sets it apart, good or bad
Then look at what you are up against
I also look at what is for sale or under contract near you right now. That is the competition. A house can be priced right on paper and still sit if three similar ones are listed down the road.
Why an online estimate falls short
Those tools run on data and formulas. They have not seen your kitchen, your roof or your basement. They can be a decent place to start. They are rarely the final answer.
What this looks like in Rochester
Value here can change a lot from one town to the next, and sometimes from one street to the next. That is why the comps need to be close to you and recent, not an average for the whole region.
What this means for you
You do not have to be selling to ask. Knowing what your home is worth helps you decide about repairs, a refinance, or a move, and you can ask me any time.
If you would like me to look at yours, call or text me at 585-683-2775. I will walk through the house, run the numbers, and explain how I got there. No pressure. Ever.
James Reyes
Keller Williams Greater Rochester
