There are some key items to consider when attempting to put a value on a home including square feet, condition and improvements, age, lot size and location. Values of homes vary greatly from Salt Lake City to Sandy and from Mill Creek to West Valley City and everywhere in between.
When I became a Salt Lake City Realtor in 1999, I thought I understood this, but I soon realized that values can vary not only from city to city, but from neighborhood to neighborhood. The best example I can think of is the neighborhoods of Salt Lake City, but the same can be true in any area.
All of the various neighborhoods have values of their own and they can change in just a block or two. The value in Liberty Wells is different from 9th and 9th. Lower Sugar House is different from 15th and 15th. 15th and 15th is not the same as Harvard Yale. In Rose Park values increase as you go North. Upper Aves is not the same as Lower Aves or Federal Heights. Condo communities across the street from one another can be different. You get the idea.
When buyers go it alone without a Realtor, it’s risky business and this is one of the many reasons why. You might think you know the value of that home, but do you really? If you were off by just 3% on a $250,000 house, that’s $7,500. Also, if the price was to high, the appraisal might fail during your attempt to buy that Salt Lake City home and then the transaction becomes really tricky.
There’s more to buying Salt Lake City homes than most people think. Hiring an experienced Salt Lake City Realtor to help you with your home search and all the details, can make your home buying experience much more enjoyable and smooth.
Hire and experienced Salt Lake City Realtor, it’s worth it!
Assocaite Broker, MBA
SLCHomes Real Estate