Location
We have all heard the mantra, “location, location, location!” Yes, that is one of the factors that is used to valuate your home. Here are just a few location factors that can determine your home’s value: size of city, quality of the schools, job opportunities, tourism, neighborhoods, proximity to larger cities, cost of living and on and on and on.
details
There is a buyer for every home - but not every buyer wants your home. It’s not personal, it’s in the details. How many bedrooms & bathrooms? How big is the backyard? How many square feet? Is it ranch style, farmhouse or traditional? Buyers want to know if there are enough bedrooms for their family. Will the dog have room to run in the backyard? Do we have enough space to spread out or is this too big to maintain? What are the “finishes”? These are questions buyers usually answer before they begin house hunting…and these are also things you can’t easily change. Don’t fret. Remember: there is a buyer for every home. The goal is to find them.
condition
recent sales & market condition
When we sit down and valuate your home, in addition to location, details & condition, I will look at the recent sales in the market (over the last 90 - 180 days) and the condition of the market (is it a seller’s or buyer’s market and what is the housing inventory)? Recent sales will tell us what buyers are willing to pay for a home of your size in its location & condition. Different “markets” also play a large part. A seller’s market tells us that there are more buyers than houses available - so a seller will make you “compete” for their home. A buyer’s market tells us that there are more houses on the market than there are buyers to buy them - so a buyer will make a seller “compete” for their offer. Housing inventory tells us how many houses are on the market right now. For the purpose of assigning value to your home, we ask, “how many homes are on the market right now at your home’s price point?”
Condition plays a large part in what someone is willing to pay for a home. Despite what we see on HGTV, not many buyers want a fixer upper. They may be willing to do a few updates here and there, but major renovation desires are not typical of your average buyer. So what’s the moral of the story? Before your agent sends a photographer over, make sure your home is move-in ready. Complete those repairs you may have been putting off. Clean the carpets, wash the windows & paint the inside in neutral colors. Clean up the yard: mow the lawn, pull those weeds, and for good measure, plant some fresh flowers! Remember the old adage: you only get one chance to make a first impression!