The 2,000-square-foot, 3-bedroom, 2-bath home with two-car parking on a quarter acre down the street just closed for $500,000. Does not mean your home also a 2,000-square-foot, 3-bedroom, 2-bath house with two-car parking on a quarter acre—must be worth $500,000 as well. Right?
Not necessarily. Maybe the other home’s three bedrooms aren’t all on the top floor. The home lacks an en-suite master bathroom. The kitchen is closed off from the living areas. The layout is choppy. Your home, with an open concept kitchen/living area and three bedrooms all near each other, would be much more valuable, as buyers pay more for better floor plans and flow.
Also, a house down the block may seem like it’s in the same location as yours. But it could actually be in a different school or tax district, which will affect its value.