My best answer is you don’t!
The reason being is you don’t have all the information like a Realtor or an appraiser. Professionals have up to date access to all properties sold. Zillow, trulia, Realtor.com and many other sites are delayed in their recording of the SOLD property.
BUT… if you must calculate it yourself here are a few tips.
- Start with your neighborhood!
- Choose homes that are 300 square foot on either side of your square footage (i.e. 2500 sq.ft. you want 2200 & 2800 sq.ft.homes)
- You can also use bedrooms, baths in a home but it isn’t as accurate.
- Acreage is a big deal too, you want similar sized lots to yours.
- Look at currently listed homes (this is your competition)
- Next, look at the SOLD homes (these are your comparables)
- Now, what is the condition of your home? Most people love to say it’s in excellent condition, but… When was the last time you updated your home? 3 years – excellent, 5-7 years – good, 7-10 years – fair, anything over 10 poor.
- Lastly, the neighbors. Is it a we care neighborhood? Are there cars everywhere? Is there dead overgrown grass? This is something you cannot control, but has a big impact on your value.
To get the Value
After taking all this information down you can calculate the value. There are a few ways.
- Take the average of homes sold.
- Calculate the high and the low to get the median price.
- Get the price per square foot SOLD and multiply that by your home’s sq.ft.
I highly recommend you work with a brokerage such as Your Property Connection. We have experienced agents with 1000’s of transactions under our belt and would be a great asset to your success. Give us a call at 916.663.6623.