There are certain deciding factors when it comes to your home’s value. Today we’ll discuss seven of them:
1. Neighborhood comparables. In their assessment of your home’s value, an appraiser will rely on comparable prices of homes in your neighborhood. If a home down the street sold for x amount of money a year ago, don’t expect that to be factored into the appraisal; your appraiser will look at the most recent comps available.
2. Location. The local school district, employment opportunities, entertainment or recreational amenities, etc., all figure into the viability of your home’s location and, therefore, its value.
3. Size and usable space. Whether or not your home has a garage, the number of bedrooms and bathrooms it has, and the size of your family room are all examples of the usability of your home’s space.
4. Age and condition. The age of your home and some of its major features like the roof and HVAC unit all play a part in your home’s value. Well-kept homes with newer appliances are sure to pull a little more money.
5. Upgrades. A surefire way to get your home sold and for a handsome profit is by doing kitchen and bathroom renovations. Are these rooms in your home updated for today’s market?
6. Interest rates. When rates are down, buyers have greater affordability to purchase a home, which makes a world of difference in your home’s value.
7. Market conditions. Chief among all of these factors is the way the market is behaving and whether we’re in a seller’s market or a buyer’s market. The seller’s market we’re in right now puts sellers in the driver’s seat; the multiple-offer situations we’re seeing continues to drive home prices upward.
If you have any questions about what it takes to sell your own home or you’re curious what your home value is, please reach out to me by phone at 980-477-1838 or by email at [email protected]. I look forward to hearing from you!