Prospective buyers are trying multiple formulas to attain the value of a home. Once they have determined their geographical area and the important features like proximity to transportation, schools, access to cultural and/or sports activities, greenspace, etc, they then try to determine how a value was placed on a property. Looking at square footage and lot size isn’t always the answer.
Can you walk to school? Is the bus to the railroad station a few minutes from the house? Where is the nearest highway? Has the house been updated? Is this new construction or a renovation? Does the space work for the family? Is the landscaping done or awaiting a new owner?
It is difficult to put a price tag on the value of a home. Appraisers and realtors do it everyday by looking at comparable homes and adding or subtracting value for differences.
There is no one right answer, the value to different buyers varies. More privacy, less privacy, different views, more trees, less grass, pool or no pool, multi levels, so many variables. The bottom line is that the buyer has to feel the value in the home.