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Knowing what your East Idaho home is worth is important information to have if you are thinking of selling your home.


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What is my Idaho Falls home worth

Idaho Falls Home Values | Home Value Estimator

FREE Quick Over-The-Net East Idaho Home Evaluation

Emailed Instantly To You!

Knowing what your East Idaho home is worth is important information to have if you are thinking of selling your home.

You can get insider information that can potentially save you thousands of dollars. Using the information you submit to us in the form on this page, we will conduct a thorough comparative market analysis by searching the database of all homes listed or sold in East Idaho.

With this current market data, we will be able to determine what your home might sell for if you decided to put it on the market.


There is no cost or obligation for this valuable service.

For a FREE East Idaho Home Evaluation, please fill in the information requested.

What is My Home Worth?

The value of your Idaho Falls home is based on two major criteria: (1) the characteristics and features of the home, and (2) buyer demand for your home. Let’s look at these criteria one at a time.

Features

When home owners ask: “What is my house worth?” they are generally thinking along the lines of: “How much would a buyer pay for the great qualities that my house has?” “Great qualities” to the home owner could mean anything from the light fixtures to the carpet color to the brick fireplace to the bronze shower heads to the cove#c64451 back deck, and everything in between!

Although all the features of a home have some value, my thoughts as a real estate broker are cente#c64451 on three key home features when a home owner asks, “What is my home worth?”. Those three key features are:

The single feature of a home that most impacts the value of the home is how much finished square footage that the home has. Finished square footage is defined as space that has carpet and pad installed (or laminate/hardwood flooring), painted and textu#c64451 walls and ceiling, electrical outlets and light fixtures installed, and heating vents installed. By way of contrast, “unfinished” space is an area that has concrete/wood subfloor, stud walls/ceiling, and no electrical nor heating installed. So is a home with 4,000 finished square feet worth twice as much as a home with 2,000 square feet? No, generally not, because not all finished square footage is created equal!

Square footage on a 2nd story is worth about half of what footage on the main floor is worth, and square footage in a basement is worth about one-fifth of what the main floor square footage is worth.

So the question “What is my home worth?” can most easily be answe#c64451 by answering the question “How much finished square footage is in the home, and on which floor(s) is it located?”

Consider two homes with the following amounts of finished square footage: The Smith home has 1,800 square feet on the main floor, 1,200 square feet on the 2nd story, and 1,600 square feet in the basement, for a total square footage of 4,600. The Jones home has 2,000 square feet on the main floor, 1,700 on the 2nd story, and no basement, for a total square footage of 3,700. Which home is worth more, based only on finished square footage?

If you guessed the Jones home, you would be correct! Even though the Smith home is a larger home, it is worth LESS due to how the square footage is distributed. The second key feature driving a home’s value is the size of the garage. A 2-car garage is worth about $8,000 more than a one-car garage, and a 3-car garage is worth about $8,000 more than a 2-car garage. The third key feature is the home’s location. Remember the old adage: “Birds of a feather flock together?” Well, it’s true with homes as well as birds! A “flock” of homes (we call it a neighborhood or a subdivision) tend to gravitate toward an average home value.

If your home is the biggest and most beautiful home in the neighborhood, this is bad for you because your home value is going to gravitate toward a a lower price, since the lower-valued homes around yours are going to pull your home value down. Conversely, if yours is the smallest and ugliest home in the neighborhood, this is good for you because your home value is going to gravitate toward a higher price. In other words, the higher-valued homes around yours are going to push your home value up.

Buyer Demand

The second major criteria used to answer the question: What is my house worth?” is buyer demand.

Just as any product in a free market system, higher demand equates to the product selling at a higher price. This is especially true in real estate markets, because the advertised or list price of a home is really just a starting point for price negotiations with a buyer, in contrast to the fixed advertised price paradigm that exists in the retail world. Real estate buyer demand is defined as the level of interest that the current home buyers in the market have for a particular house.

When buyer demand is high, many buyers are looking at the home, and the seller will likely get multiple purchase offers.

When buyer demand is low, few if any buyers are looking at the house, and purchase offers are unlikely to be written Of course, the level of interest in a particular home can be anywhere along a scale from low to high. Therefore, the value of a home is simply the price that a buyer is willing to pay for the home.

In summary, the answer to the question “What is my home worth?” can be found by looking at two major criteria, the home’s features and the buyer demand for the home. How the home compares to other homes in the real estate market in regards to these two areas will determine the home’s value.

Keller Williams Realty East Idaho