There are many factors that affect the sales price. There is no specific formula for how your home’s value appreciates or depreciates. When it is time to sell, it is important to look at the following factors that will influence potential buyers of your home in regard to value. Of course, the specs of your house is going to have a lot to do with what it sells for. Additionally, these dynamic factors will come into play.
The Location of Your Home
The phrase “Location, location, location” rings true here. The location is going to be a huge factor for buyers determining how they value your home. You are probably thinking that your home’s location is not a factor that you would consider as ‘dynamic’. It is true that where your home is located is unlikely to change. What does change is the surrounding area. Any given neighborhood can change drastically in just a few short years. A few factors that could affect value include rezoning, new structures that block views, and businesses or facilities moving into or out of the area.
When You Decide to Sell
Timing is everything! Homes generally sell for more in the Spring and for less during Winter. This timing has everything to do with the number of buyers active in the market. The timing of your sale also comes into play with how the local market is performing. The market is ever-changing. Are you selling when the market is high or when it is low?
The Condition of Your Home
Even homes in the poorest conditions will sell. They sell for less money, but they do sell. If you have performed the necessary maintenance and design updates throughout the years, your home’s value will be maximized. A clean, well cared for home is likely to sell for the most money possible.
The Local Real Estate Market
This one is a combination of location and timing. Real estate markets are unique to different areas and points in time. This is why it is important to research the local market and to monitor the market conditions often. Keep your eye on things such as local unemployment statistics, the inventory of homes for sale in your area, and the number of days that homes are on the market before selling.
How Your Home is Presented to the Market
Presentation and first impressions are very important. When listing your home for sale, consider how it is presented to buyers. Vacant homes are known to sell for less and stay on the market longer. Staged homes are known to sell faster and for more money. Buyers are drawn to homes that appeal to their senses. If your home is clean, smells good, and is nicely staged, you can expect to sell for more money.
How Your Home is Marketed
Hiring an experienced local Realtor is a great step towards properly marketing your home for sale. A great agent will market your home to the largest pool of qualified buyers as possible. They will also target specific demographics of buyers that are most likely to be interested in a home like yours. Marketing such as professional photos and videos is also a great way to impress potential buyers. The more people that view your home online and in person, the better!