Home Value: Your FAQs Answered

Columbus Chamber
The Columbus Chamber provides connections, resources and solutions that help small businesses and Fortune 500 enterprises grow Central Ohio's economy.

Member Insights by John Buys Houses

When it comes to selling a home, we talk a lot about value. There are many factors that can influence the value of a property. We’re here to answer your FAQs about home value.

How do I determine my home’s value?

Home values are typically assessed based on the value of similar properties nearby. A great way to find the basic estimate of your home’s value is to check sites like Zillow for the value of homes for sale in your neighborhood. A realtor can also run these comparable estimates, or “comps,” for you.

Why is my appraisal different from the estimated value?

Estimated value as found through online sites are often limited to comparing houses of similar styles in similar or adjacent neighborhoods. They do not take the condition of the property or any other amenities into consideration when estimating their value. An appraisal is a very in-depth look at your home’s value, because appraisers are trained to consider every factor when evaluating your property. This individualized attention is why an appraisal can differ from the value.

What is the difference between the assessed value and the market value of my home?

The assessed value of your home is determined by the auditor of the county you live in. This value estimate is bare bones and does not consider amenities or the condition of the home. Market value can most easily be defined as “the amount of money someone is actually willing to pay for your home.” While a realtor can help determine a ballpark asking price, you really won’t know your home’s market value until you start getting offers.

What are the top factors affecting the value of my home?

1) Location. 2)  Size. 3) Condition. 4) Similarity to other properties in the area.

As expected, location is number one because homes in desirable areas will always be more in demand. Next, the size of your home and property both affect your value greatly. This also ties to the issue of similarity. If all the houses in your neighborhood are 4 bedroom/2.5 bath with 3000sq ft of living space and your home is 2 bedroom/ 1.5 bath with 1000sq ft of space, your value will fall on the lower end of that area’s spectrum. Condition and the need for any renovations are also huge factors affecting value. People will pay top dollar for a house that is move-in ready compared to a house that needs lots of work.

How does John Buys Houses evaluate homes differently?

If you’re looking to sell a home, John Buys Houses will evaluate your property fairly to determine the value. We have multiple strategies for our properties, so we are able to evaluate the home for a flip or as a rental property. Because we invest in both, it gives us the flexibility to make a better offer. Companies which only invest in properties for one of these purposes will often lowball sellers because the property doesn’t fit their business model perfectly.

Will John Buys Houses offer me less than my home’s value?

John Buys Houses always offers the highest and fairest price we possibly can. Yes, this can sometimes be lower than the market value, but the additional benefits you receive from working with John Buys Houses will make up the difference. We work with distressed properties and buy them as-is, so no repairs are necessary. We buy houses fast—in as little as three days. We pay all of the closing costs to remove that burden from the seller. We can even let sellers live in the property for up to 30 days after we purchase it. All of these benefits make the selling process flexible and easier for you.

Why would I choose to sell my home to John Buys Houses?

We are a company local to Central Ohio, and we strongly believe in this community. We employ six amazing people in addition to our owners, John and Brian. We believe in Core Values that put people—employees, sellers, buyers, and renters—at the center of our focus. John Buys Houses is your choice for flexibility, integrity, and a smooth, easy home selling process.