Here’s the Rundown for today:

📕 Read: Figure out your Home Value with 3 simple steps

🎧 Listen: 4 Systems you NEED for your Duplex House Hack

Figure Out Your Home Value with 3 Simple Steps

What the heck is my home worth!?

Well, as a Realtor, I definitely like to be the go-to for answering this questions, BUT I’m also a do-it-yourselfer.

So if it’s 11pm at night and ya DON’T want to bother yo boi for an official value, here’s the simple way.

STEP 1: Know Your Home Style.

Appraisers don’t compare bi-levels to Ramblers/Ranches.

Just like if you live on a block with a bunch of nice, high-priced 2-story homes and you live in a 3-level split twin home, you aren’t getting the benefit of those sale prices.

BUT WAIT - Yes yes yes….nicer, higher priced neighborhoods do have SOME effect on your homes sale-ability…but it’s not direct.

Bottom line, ya gotta compare apples to apples. So if you live in a 2 story home. Your first goal is to look for other 2 Story homes in your area.

STEP 2: Find Some Homes For Sale.

Oh hey, this home looks a lot like mine. That’s what we need.

The biggest similarities you need to match up are:

• Similar geographic area (within 1-2 miles usually)

• Similar Garage stalls

• Roughly similar square footage (usually within 500 SF or so….for this exercise.)

STEP 3: Calculate Price Per Square Footage.

And now the big finale…

Divide the PRICE by the SQUARE FOOTAGE.

SECRET: How did the silicon valley nerds come up with the magical “ZESTIMATE”….it’s just an equation on price per square footage. 😉

Example from the home above:

$419,900 price / 2340 SF = $179/SF

Once you have this data….you can apply that price per square foot to YOUR home’s square footage # and you’ll find yourself a nice ball park market price.

DISCLAIMER: Of course this is the simplified version…..In my very humble opinion….a rockstar Real Estate professional can get you an even more accurate idea of your specific home’s value so why not trust the experts eh!?

CONCLUSION:

You can get a daaang good idea of the value of your own home using the Price/SF approach. 🤜🤛

Do this exercise on 3-5 houses in your area to get a good sold Price/SF number and now you can have a pretty honed in value on your place. 👌

BUT….don’t forget “WHO not HOW”. The experts will always be here to call if you need to verify and get the full picture!

Today’s Newsletter is brought to you by Midwest Invest Realty Group brokered by REAL.

A team of local full-time agents with over 1000 homes sold in the last decade. Whether your real estate goals are to buy, sell, build, or INVEST. Midwest Invest will be the one-stop-shop team you can trust.

🗞 National Real Estate News

More Homes for Sale? 🤔

Keeping Current Matters discusses an influx of homes hitting the market nationwide. In the housing market, there are regular patterns that happen every year, called seasonality. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.

Interest Rate Update 📉

Check out current Interest Rates if you curious about that. The FED is scheduled to meet again in March to discuss which direction they will push things in 2024.

Home Affordability Questions 💲🤑💸

Forbes put out an interesting article asking, When will homes be affordable again. Though mortgage rates are better now than they were in the fall, and experts are optimistic that rates will drop further in 2024, home affordability challenges aren’t going away anytime soon.

The Midwest Invest Report LIVE 🎙

4 Systems you NEED for your Duplex House Hack

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Midwest Invest Report 002 - 4 Systems you NEED for your Duplex House Hack

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