As low inventory and low-interest rates continue to fuel our hot local real estate market, homeowners are aware of the temperature and eager to take advantage. When considering putting your home on the market, one of the big questions potential sellers want to know is “what’s my home worth?”
Here are some key factors that influence your home value to keep in mind:
Let us restate, “location, location, location!” Most realtors will agree that the biggest factor is your property’s location. Just to list a few variables driving steeper home prices in some areas and neighborhoods to consider:
~ condition of surrounding properties
~ on the lake/lake access or scenic acreage
~ school district and access to other educational opportunities
~ proximity to shopping, parks and other recreational areas
~ proximity to busy roads, highways, railways and industrial areas
When it comes to determining your home’s value, looking at recent home sales in your neighborhood is the best starting point.
Age, Condition and Updates
First, you’ll want to take a look at the ages and condition of your big-ticket items such as the roof, plumbing, electrical, appliances, heating/cooling system and any other mechanicals. Next, you’ll want to consider curb appeal and assess the condition of your driveway, walkways, front entry, landscaping and other focal points that people will see as they make their approach to your doorstep. Lastly, you’ll want to take note of any updates and upgrades you’ve made, or not made, inside with kitchen, bathrooms, and flooring providing the strongest impact to the value of your home. In many cases, potential buyers are looking for a move-in ready home so any repairs and updates will make a home more attractive.
Size and Space
Conventional thinking is the bigger the house the higher the price. Though total square footage is important, the layout of the floor plan, flow of the home, the availability of multiple living spaces, and whether the home is one level or many all can add or subtract from your home value. It really comes down to usable and livable space, both inside and out, that your property affords. Much will depend on the needs of potential buyers. A realtor’s expertise can help you talk through any advantages and disadvantages to the size and space of your home.
So how many boxes does your home check? Knowing the key factors influencing the value of your property not only lends to a more informed decision about whether you want to list, but also provides some insights about the potential cost of buying your next home.
Our team is here to help you avoid any missteps and make sure your property is priced correctly from the beginning. Get in touch with your experienced Brinkoetter Agent today to discuss your home’s market value and our services!