Are smaller homes becoming more valuable than the larger ones are now?

[NNN0LHI]

Last edited Wed Apr 18, 2012, 10:01 PM - Edit history (1)

I just checked homes.com to see the estimated value of my home. The tri-level house next door to me is about 400 square feet larger than our ranch home is and the estimated value on that house is about $5000 less than ours is. Both are about the same age and both have been kept up well. We have a hand built garden shed on a poured concrete foundation. The other home has one that was hauled in on a flatbed truck and placed on bricks. The other house has an above ground pool which may be a drag on his value? Our property taxes are a lot less than my neighbors. Wonder if that is it?

Anyone else seen this happening before? Or are the estimates at that site just not trustworthy?

Don

[SheilaT]

1. It may matter a lot where exactly you live.

I do know that average house sizes have tended upward for a long time. It's possible that trend is abating.

On the other hand, to extrapolate from three homes in your specific neighborhood is simply not a meaningful sample.

[upi402]

2. not in my region

i just looked at a tract home over 5,000 sq ft today. Lots of high-end homes getting remodelled, or built where an old home was torn down for their new one.

new housing in this area is doing very well, multiple offers. new homes seem to be selling before the footings are poured.

check zillow.com, current for-sale asking prices are reflected there. many factors. algorythms are used by zillow for zestimates;
http://www.geekwire.com/2011/zillow-real-estate-sexy-revamps-zestimate-algorithm/