The Home Buyer's Korner

Information presented should be used for educational purposes only.

March 21st, 2015

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What’s Your Home’s Resale Value

Real Estate RecoveryMany factors come into play when it time to determine the value of your home when you want to sell it. Location, condition, layout, upgrades and even events relating to your home are all important issues to consider when selling your home.

Anyone in real estate will tell you location, location, location is the first thing to consider when buying real estate; hopefully it was yours as well when you purchased. If your home is on a busy street it’s going to be harder to sell. Location can be a fickle thing. In some areas, an alley creates valued while in others they’re consider avenues of crime.  

Whenever selling your home it needs to be in excellent condition to ensure you get top dollar. Home buyers are primarily looking for a home that is in move-in condition. If it needs painting, new flooring, a new roof, or new plumbing, it isn’t as desirable as a home that doesn’t need any work. Take a close look at your home and start working on the eyesores right away and address and deferred maintenance.    

Is your floorplan functional for the type of home buyer interested in living in your neighborhood? Most buyers prefer homes with open floorplans and ample kitchens, living areas, and bathrooms. Closet space is always important, as everyone needs storage space. The number of bedrooms a home has can also be important. Two bedrooms in more areas aren’t as popular or functional as three or four bedrooms. It’s also nice to have a flex room that can be a study, exercise room, or a formal dining room if need be. Creating these spaces is practical, so consider what you have and what’s on the market when coming up with a sales price. Figuring out a value isn’t an easy thing to do. Just because you neighbor sold their home for X don’t mean you can too and that’s were a Comparative Market Analysis or CMA created by a real estate agent can help determine a value.

If you have an older home and recently upgraded the kitchen and bathrooms, your home will be easier to sell. Updated appliances can also be a big plus when selling a home.

If your home has been flooded, been through a fire, or damaged from wind or a storm, then that may cause the value to be less. It’s not hard for a home buyer or their real estate agent to do a little research or talk to a neighbor who tells them negative stories, so address everything you can understand some factor beyond your and does have an effect value.

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