This graphic gives an example of one of the home value methods out there and is explained in Method Three below.
There are many ways to find out how much houses for sale are worth. Some will be accurate and some will not. Look below to find out the methods you can use for home values and which ones to avoid.
Also, if you have a house to sell and you wish to know its value, be sure to read my Lawrence KS home value blog.
NOTE: If you don't like math or don't have the time to try to calculate house values, call/text Rob Lang, At Home Kansas, 785-393-2274 and ask him to do the math for you on a property in which you have interest. But for those that love math and want to research the county building material quality rating, please read on.
Method One: For Lawrence Kansas Houses For Sale, take the sqft of a county rated "Average" property and add two zeros to it (in other words multiply it by 100) to get about $100 price per sqft).
For every main county rating level higher than "Average", add on about $20 to the $100 price per sqft . County rated "Good" properties are about $120 price per sqft. County rated "Very Good" properties would be about $140 price per sqft. County rated "Excellent" properties would be about $160 price per sqft.
County ratings below "Average" would have about $20 less price per sqft or about $80 price per sqft for county rated "Fair" properties, about $60 price per sqft for county rated "Poor" properties, about $40 price per sqft for county rated "Low" properties, and about $20 price per sqft for county rated "Very Low" properties.
Most of the Lawrence KS properties are county rated "Average" so for most of the properties you will simply add two zeros to the sqft to obtain an approximate value of homes for sale. 925 sqft should be about $92,500. 2,117 sqft should be about $211,700.
Here is an example:
1011 NEW BOSTON CT, LAWRENCE, KS was recently on the market for $500,000 for 3,400 sqft. Adding two zeros to the sqft or multiplying the sqft by 100 would give a base value of $340,000 if it were rated "Average" and at $100 price per sqft. This property is rated "Very Good" by the county which is two main levels higher than "Average" so one needs to add about $40 to the price per sqft or $140. Using this new multiple of $140 price per sqft times 3,400 sqft you get $476,000 as about the value of this house. 1011 New Boston Ct SOLD for $475,000.
There are some adjustments to be made on rural properties. Typically, $10,000 per acre when not in a flood plain and $5,000 per acre when in a flood plain is used for around 5 to 10 acres. For example, for rural Lawrence Kansas houses for sale with 5 acres not in a flood plain, one would add $50,000 on to the value calculated for the price per sqft. Many other adjustments are made for a pond, for fencing, for timber, and so on.
Again, leaving the math and research to Rob Lang, At Home Kansas, texting/calling him at 785-393-2274 is the easiest path. Just provide Rob Lang with the address and ask for "more info" and he will research the property for you and give you the fair market value of the Lawrence Kansas homes for sale for which you have interest. Rob also invites you to his home office where you can watch him calculate the house values if you want to learn how to do the process yourself.
Method Two: Go to the Douglas County Appraiser's office and get the current year's appraisal value for the property (online Appraiser's office site does not always have the current year displayed) and ask them the sqft that the county is basing that appraisal on, plus ask them what the building material quality rating is for that property. Using that appraisal amount, add the additional sqft that the property has in the listing times $25 price per sqft.
For example, the county has 1000 sqft and $100,000 for the appraisal amount for an "Average" rated Lawrence Kansas house for sale. The listing has 1400 sqft. Multiply the extra 400 sqft times $25 to get $10,000 that needs to be added to the $100,000 county appraisal or $110,000 fair market value. The county appraisal is very accurate because they base their appraisal amounts on actual SOLD prices (what buyers were willing to pay for comparable Lawrence homes for sale). As always, don't want to do the math, Rob Lang will take care of doing that for you.
Method Three: Look at online valuation sites' estimates of home values. This is NOT suggested but due to it being done by so many home buyers and home sellers already, I show it here as an option. While the values on these sites are possible "starting places" for house value determination, they are known for being way off. Rob's Real Estate Newsletter in September 2015 documented how these valuation sites' estimates have been $56,228 or 77.26% off the SOLD price of 116 Minnesota St Lawrence KS in favor of the seller and $92,267 or 28.17% off the SOLD price of 914 Drum Dr Lawrence KS in favor of the seller if the zestimate would have been used instead of the property for sale's fair market value (screenshot attached below).
For the most accurate fair market values, call/text Rob Lang, At Home Kansas, 785-393-2274 and ask Rob to help you make your move possible.