08/05/2025
Last week I wrote about the Value of Home, and today I’d like to share a few thoughts about the Value of (a) House – “3 Bedrooms, 2 bathrooms, with an updated kitchen in 2,800 square feet. New roof, new flooring and new paint! Must See!!!”
I’ve used “Trust but Verify” as an integral part of my real estate work for decades, including when working on property pricing e(valu)ations. Value leads price, and when I am helping my clients consider the price and value of a property, we look at how those characteristics work together, combining roughly equal parts - art and science; the quantitative mechanical and measurable data point driven market analysis, verified by the qualitative consideration of the more intangible, and more challenging to measure, and subtle characteristics related value, and visa-versa.
We all know that 3 bedrooms, 2 bathrooms, with an updated kitchen comes in many forms. Exploring value beyond price, we look at the layout of the 2,800 square feet, five foot ceilings downstairs, or seven? How do the segments of that living space relate to each other? Sometimes there’s a truth that’s hard to reconcile. Is the new roof a new 3-tab shingle layer over another, and another or is it complete with new sheathing? Was that new floor leveled up before it was installed or “rolled” over what was already there? Does the new paint include the switch plates and outlet covers! Does that range hood vent outside or recirculate back into your kitchen? It gets most exciting from here: How is the house situated in the neighborhood, on the street, on the lot? Details matter. How does the sunlight strike the property? Winter? Summer? I’m thinking about that backyard patio, or the driveway, or that special spot in your favorite room, or your cat's favorite. Quality and longevity of materials. Is the landscaping established or newly installed for the market show? What else do we see on the street? Interesting, too, that saying hello to a few neighbors provides years of insights in only a few minutes… yet almost no one does it. Oh, and those permits, were those pulled, closed or left open?... It’s just a short list of Values to consider while thinking about Price.
If you find yourself looking to make a Utah real estate move, or would simply like to have a deep dive conversation about nuances of our real estate market – past, present, and future, please connect with me at 801-558-6143. With gratitude and appreciation. Kelly