When it comes to determining the value of something, it takes the work of an experienced appraiser to get closest to what an item’s real value may be. Some items are easy to appraise, while others are much harder to determine. Automobile values are regularly published by a variety of publications, based on condition and current market trends. The value of authenticated collectibles are often driven by recent auctions and sales. The value of a company’s stock can be found with a quick online search.
Homes, on the other hand, are much harder to determine the value of. Even for an experienced appraiser, it can be a challenge to find an accurate number. Homes aren’t just financial investments: they’re also where you live, and the emotional appeal of certain homes aren’t always reflected in an appraiser’s review. With an ever-changing market, even a recent appraisal may not accurately reflect the current market value of your home.
The first step is get in touch with a licensed professional real estate agent, who will be able to help you answer some of the following questions which will directly impact the value of your home. While online appraisal sites may seem appealing and helpful at first glance, they often focus only on basic characteristics of your home- like square footage, or the presence of a garage. These appraisal sites often ignore other factors that impact the desirability and value of your home. Like anything, your home “Is only worth what someone’s going to pay for it”, so there’s rarely concrete answers as to how much these different factors can impact your home’s value, but they’re worth considering if you want a full picture and more realistic assessment of worth.
- Where is your home located? Different neighborhoods are more or less desirable, and this changes over time. A new nearby development may draw attention away from your current neighborhood and lead to a decrease in demand.
- How is your home configured? A three-bedroom, two-bath home with two stories is very different than one with only a single story. The popularity of certain home styles fluctuates over time having a significant impact on home value.
- What is your home’s layout? Open floorplans were very popular, but recently, home shoppers have been looking for more private space for home offices.
- What is the condition of your home? Does it need repairs, or is it move-in ready? An outdated home in need of cosmetic upgrades will be less desirable than a home that’s up to date and ready to be moved into.
- How well does your home show? Has it been staged? Are you still living in it? Is the yard and other outdoor spaces well maintained?
- What are recent sale prices for similar homes in your area?
- What’s the current demand for homes like yours, in your area? Your pool might not be a big selling feature in the middle of winter.
When combined, these factors can help give you a more well-rounded look at who may be interested in your home, and what they may be willing to pay for it. Working with a qualified agent means that you can break down each of these characteristics and decide if you may want to make any changes to your home before listing it on the market. Even if you have no plans to sell in the near future, much like your 401k from work or your retirement plan with your financial advisor, knowing the value of your greatest asset makes sound financial sense. The more information you have, the easier it is for you to plan ahead and make financially sound decisions that enhance your future.
Feel free to get in touch with the Anthony Leone Group. We would be happy to help you understand the value of your home in the current market. https://anthonyleonegroup.com/selling/