How Do I Calculate My House's Worth in Idaho Falls?

Just about every week somebody asks me some version of this: "Uncle Al, what's my house actually worth?" Usually they've already looked it up online and gotten three different numbers. That's fair. Nobody wants to guess on the biggest thing they own. So let me show you how to work out a pretty good number yourself, the same basic way I do it for folks in Idaho Falls. If you'd rather skip ahead, you can always get a free Idaho Falls home value report and I'll do the legwork.

Start with what sold, not what's listed

This is the big one. A house down the street listed at a high price doesn't tell you much. Sellers can ask whatever they want. What matters is what buyers actually paid. Those are called comparable sales, or "comps."

Look for homes that sold in the last three to six months, as close to you as you can get. In town that might mean your own subdivision. Out in Ammon or Iona it might mean the next couple of neighborhoods over. The closer the house is to yours in age, size, layout and lot, the more it tells you. Three or four good comps beat ten so-so ones every time.

Here's what I look for when I pick them:

• Same general area, ideally the same school boundaries
• Similar square footage, give or take a couple hundred feet
• Same style. A rambler with a full basement and a two-story don't sell the same way.
• Similar age and condition
• Similar lot size, and whether there's a garage, shop or RV parking

Do the price-per-square-foot math, carefully

Once you've got your comps, divide each sale price by its finished square footage. That gives you a price per square foot. Average those out, then multiply by your own square footage. Now you've got a rough starting number.

A word of caution, though. Basements trip people up around here. A lot of Idaho Falls homes have finished basements, and buyers don't always value basement square footage the same as the main floor. If you're comparing a house with a big finished basement to one without, the math can lean the wrong way. I'd look at above-ground and basement square footage separately if you can find it.

Adjust for the differences

No two houses are the same, so now you adjust. If your comp had a new roof and yours needs one, your house is probably worth a bit less. If yours has a three-car garage and the comp had a one-car, yours is probably worth a bit more. You're asking, "What would a buyer pay more or less for, compared to that house?"

Things that usually move the number:

• Condition and updates, especially kitchens, bathrooms, flooring and paint
• Big-ticket items like the roof, furnace, water heater and windows
• Garage size and any shop or covered parking
• Yard, fencing, sprinklers and landscaping
• Busy road, backing to a field, or a cul-de-sac

Be honest with yourself here. We all love our own houses. That basement you finished yourself in 2009 means a lot to you, but a buyer is going to look at it with fresh eyes. I'd rather you hear that from me now than from a buyer's offer later.

Look at what's for sale and what didn't sell

Sold homes tell you what the market paid. Active listings tell you who you'd be competing against. If there are five houses like yours for sale in Ammon right now, buyers have choices, and that matters for how you price.

Expired and withdrawn listings are worth a look too. If a house like yours sat for months and never sold, that price was probably too high. It's free information, and a lot of people skip it.

Use online estimates as a ballpark, not an answer

The online tools are handy, and I'm not going to tell you to ignore them. Just know what they are. They use public records and recent sales, but they can't walk through your house. They don't know you redid the kitchen, or that the basement still has the original carpet. That's why they can be off in either direction, and why two sites can give you two different numbers for the same house.

On my site there's an instant estimate you can run in about a minute. It's a good place to start. Then use the steps above to see whether that number makes sense for your actual house.

Timing and season matter too

The Idaho Falls market moves through the year. Spring and early summer usually bring out more buyers. Late fall and winter can be slower, but serious buyers are still out there in January, and there's usually less competition from other sellers. Interest rates make a difference too, since they change what buyers can afford each month. A comp from last spring might not tell the whole story this winter.

When to bring in a pro

If you're just curious, the steps above will get you in the right neighborhood. If you're actually thinking about selling, that's when you want someone who pulls the full MLS data and knows the streets. I do this all day for homes in Idaho Falls, Ammon, Iona and the rest of Eastern Idaho. I'll pull the comps, walk through your place, and tell you straight what I think it'll sell for, even if it's not the number you were hoping for.

Pricing is the foundation of the whole sale. If you want to see how it fits with everything else, here's my guide on how to sell your house in Idaho Falls, start to finish.

Want the real number?

Doing it yourself is a great way to get a feel for it. But if you want a number you can actually make decisions with, request your free Idaho Falls home value report. It's free, there's no pressure, and I'll go over it with you so it makes sense. Or email me at alan@smartselleridaho.com. - Uncle Al

Idaho Falls Home Seller FAQs

What's the most accurate way to find out what my house is worth?

Recent sold homes close to yours, adjusted for differences like size, condition and updates. Online numbers are a starting point, but they can't see inside your house.

Should I get an appraisal before I list?

It can help with an unusual property or a tricky situation like an estate. For most Idaho Falls homes, a good market analysis based on recent sales gets you where you need to be.

Is my tax assessed value what my house is worth?

Not really. Bonneville County's assessed value is for property taxes and doesn't always follow what buyers are paying right now.

How far back should comps go?

Ideally the last few months, from your neighborhood or one like it. In slower or rural areas around Idaho Falls, you may need to look back further or a bit farther out. If you'd rather skip the homework, get a free home value.

Photo: Sociotard / Wikimedia Commons, CC BY 3.0