Posted by: Regent Homes, on February 16, 2016
Thinking of buying or building a new home? That’s great! Do you have an existing home you need to sell first? If so, you have come to the right place. Here, we are going to cover the basics on Home Market Value and how your home’s value is determined.
There are several important aspects that go into determining home market value. Some of these things are upgrades and repairs you can complete in your home. We are going to help you focus on some of the most important aspects so that you can increase the market value of your home and get the most out of it!
When talking about a home’s market value, it simply means the price at which the home will sell within a reasonable time period in its current condition. In this case, a reasonable time period is considered 30-90 days. Real Estate appraisers are usually the ones who will make appraisals of a home’s market value. They base the value off of three key elements:
Outside of these three factors, there are a few other things that will make a home more valuable to a real estate appraiser. These elements will usually increase the value of the home, which in turn, is great for the seller.
Doing some renovations and updates to your home can really make a difference when it comes to selling it within a reasonable time. As we previously mentioned, almost all home-buyers are looking for a home that has great curb appeal. We are going to list a few great ways you can increase the market value of your home.
As you can see, there are several different areas of a home that affect its value. Whether it is the size or the location of the home, it all plays a contributing role into how your home will be appraised. If you have a home that is much older and the surrounding homes are newer, your home value will likely be lower due to its age. If you have one bathroom in your house, a family with three kids might not see the value in your home. On the other hand, a couple with no kids might find it to be the perfect home for them! It is important to remember that you can still add value in other areas and get the most out of the home with updates, renovations and even small additions.
Understanding all of the factors that go into determining the market value of a home will help you when it comes time to sell. If an appraiser can find a comparable home in your area that is around the same size (bedrooms, bathrooms, etc.) it makes it easier to determine the resale value of your home. When the condition of the home is good, it is likely that you will be able to determine an accurate estimate of your home’s value.
Being able to give an accurate estimate of a home’s market value will make it easier to sell; therefore benefiting you as the homeowner. When you are ready to upgrade to a new home, give us a call! We would love to help!
Categories: All Posts, Resale Value, Selling Your Home