Who Can Best Value a Home?
Posted by Hank Miller on
The discussions surrounding the question of “what’s a home
worth” will never end, because there is no standard answer. Sure the reflex text book answer is “what a buyer is willing to pay” but that’s hardly the complete picture. A home has a number of “values” and most are not tied to the buyers in the market. There is a best answer of course, it also happens to be the simplest one. Spoiler alert...it’s not what it sells for. This short clip provides a common sense overview, below that we get more into the weeds.
Purchase Price
The purchase price is the amount the buyer agrees to pay the seller; this tends to support the “it’s worth what a buyer will pay” idea. Does it? Consider:
- The costs of selling – commissions, repairs, closing costs,…
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across Georgia, flood control is a significant responsibility of theirs. Georgia Power is the largest non-governmental provider of recreational facilities in Georgia. Power generation is their key role and one that they do exceptionally well. In North Georgia, the Tennessee Valley Authority has influence over the lakes close to the Tennessee border, using them for power generation and flood control. All have a role when it comes to buying a lake home in Georgia.
and the foundation was failing in several areas, spectacularly so. Based on a thorough look around the entire basement and the site, two major issues stuck out: tree roots and very poor water management. Several trees are very close to the home and good sized roots were against the home in several areas, these are a constant source of pressure as the tree grows. Poor control of surface water is always a recipe for disaster; it's the cause of a multitude of issues. In this case, the two combined and the result is epic deflection of the walls in this foundation.
the most quoted "sources" when home values are discussed but it is so flawed that on any level, it cannot stand even the softest of challenges. In fact, price per square foot is so unreliable that it makes automatedvaluation models (think Zestimates) look reliable.
out of the property. In an ideal world, the driveway is easily accessible, flat, and easily used. In the real world, most driveways don't hit every positive aspect. The challenge then, is what characteristic is considered adverse and negatively impacts value and/or marketability? If people are intimidated or put off by the driveway, it doesn't matter what the home has going for it. This video examines a home in a mountain community of North Georgia. Settings like this are common not only here but in all mountain communities...and they present a challenge.
