I've seen homeowners look at a nearby sale, Zillow estimate, or something they heard from a neighbor and immediately assume:
“My house should be worth about that.”
Not necessarily.
Two homes can be 3 streets apart and have dramatically different values because of:
• Lot size
• Street/location
• Renovation quality
• Floor plan
• Pool and outdoor space
• Views
• Condition
• Development potential
• And, most importantly, who the likely buyer is
Here's the part I think gets overlooked: A buyer looking for a home may value the existing house one way. A builder looking at the same property may value the land completely differently.
That's especially important in parts of Phoenix where land has become increasingly difficult to replace.
So before you ask:
“What did my neighbor sell for?”
I'd ask:
“What would the right buyer actually pay for mine?”
Those aren't always the same number.
Curious what your home would actually command in today’s market? Send me the address. I’ll give you my honest take not a Zestimate, not a guess, and not a sales pitch.
