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Orange County Housing: Inaccurate Ways To Price Your Home

Orange County Housing:  Inaccurate Ways To Price Your Home

Price Per Square Foot: Do not rely on the price per square foot as a reliable method to determine an Orange County home’s value.

If you are like most everybody else you will look for shortcuts when trying to determine how to price your home in Orange County. Almost everywhere you look, online home valuation tools are taking over with Zillow’s Zestimate being the most recognizable. These online tools simply just aren’t accurate. These software tools often use basic algorithms that don’t have the ability to take many factors into consideration when pricing out a home in Orange County. If these tools don’t provide the level of accuracy, you require what about using the price per square foot to determine value? The problem with this type of assessment it too can’t consider all the necessary factors to give an accurate assessment regarding an Orange County home’s value.

Price Per Square Foot and Median Homes Sales Price When Assessing Orange County Home Values

As with all counties across the country, the average price per square foot varies between different neighborhoods, cities, streets, and even individual homes. The price per square foot for all Orange County homes was $440 in June whereas in May it was a little higher at $459. As you can see, while home prices increased the price per square foot does and thereby confirming that you should not use price per square foot solely. Another example is that the median sales price in Orange County does little to indicate the price fluctuation of a particular property.

Overall, using the price per square foot of a home in Orange County will not be able to estimate the current value of your home accurately. It can, however, be used to determine the general direction of the prices in your local area. Any one given month might not show you any significant information, however, over time you will be able to see the direction of your local market quickly.

The main reason that you can’t use the price per square foot to determine to value of property in question is that there are so many other factors that must go into consideration. Some additional questions you can ask yourself when determining the value of your Orange County home include the following: How many baths, beds, square footage and lot size you have? Where is the home located, is the street quiet? Did you make any interior or exterior upgrades to the property? Does your home include a pool, spa? Is the house located in a cul-de-sac or in a track with secluded homes on the street? What is the noise level on the street? These questions are only a small portion of the questions one should ask themselves rather than relying on the median price for homes in the area solely.

Get An Accurate Value From Your Local Realtor

Do not use the median price of homes in the area to determine an individual home’s value because that doesn’t explain whether there have been any recent upgrades or additions to the property. For example, two of the same Villa Frontera Townhome floorplans sold in Anaheim over the past 365-days, however, both were sold at different prices. This case highlights the fact that you can’t use square footage alone when trying to determine the value of your Orange County home.

Use Your Local Realtor® For An Accurate Home Value Assessment

If you are going to get an accurate assessment as to the value of your Orange County home, then make sure to contact your local real estate professional. Professional REALTORS® and appraisers use many different factors and experience to assess home values, and these are the resources you should be using to price your home. Unfortunately, there are no shortcuts, and it will take the skill of a Professional REALTOR® to make sure you price your home correctly. The market analysis that professionals prepare is by far the most accurate method for determining the value of a home.

For More Check Out Our Article On Orange County Home Values

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Michael and Anabel Simpson

Michael and Anabel Simpson have over 16 years of experience helping the community buy and sell real estate in Orange County, Los Angeles County, and Riverside County with a special emphasis on Anaheim and the surrounding area. In addition to being licensed Realtors, they are Short Sale and Foreclosure certified. Ask Michael and Anabel Simpson about the different techniques they use to sell homes, including 3D video, social media marketing and more. Contact Michael and Anabel Simpson today.

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