How much is your home worth? Your home is one of the largest investments you will make during your lifetime. That’s why it’s important for you to know exactly what your home is worth when you decide to sell it. If you’re looking to sell your home, we can help you discover how much it has appreciated or depreciated since you purchased it. This guide will help you begin to understand what factors determine the value of your home.
Comparable Homes Value
One of the leading factors that determine the value of your home is the personal review of comparable homes or comps. Comps provide a baseline for how much homebuyers are willing to pay for your home. This is based on the selling price of homes comparable to yours in the same area. These homes also share several similarities to your home. Commonly evaluated similarities include home location, age, comparable square footage, number of bedrooms & bathrooms, lot size, and home condition among many others.
Location does not just refer to the city and state your home is in. It also refers to the proximity of nearby points of interest. These include everything from stores and schools to interstates and highways. A sense of community and walkability have also become important considerations in recent years.
Age and Condition
The condition of your home can drastically affect whether you will get close to market value or if your offers will be considerably less than comparable homes in your area. A well-maintained home with updates that make it more desirable should command a fair market value. The age of a home is considered in your home valuation to identify what building materials were used during that time and what types of construction code changes have been made since then. If you’ve properly maintained your home and have made updates to improve it, this should help increase your home’s value. In most cases, homebuyers are willing to pay more for a home that is “move-in ready” as opposed to a home that requires a lot of work.
Historical Home Data
Has your home ever had fire damage? Have you ever had to treat your home for mold? These negative events, along with many others, can impact the value of your home. Even though fire damage and mold can be repaired, the record of them on the home’s history or concern that they may not have been properly treated can impact a buyer’s decision to purchase your home. The price at which your home last sold can also impact the sale price.
Size and Layout
In today’s market, many homebuyers are looking for homes of more manageable size, especially as the cost of utilities and maintaining your home have continued to increase. This makes the size and layout of your home an important factor in their consideration. Similarly, homes with an open design typically have a higher value as open-concept floor plans are preferred over the traditional closed home layout.
Discover Your Home’s Value
Are you ready to sell your home? Need to find out what it’s worth in today’s market? We can help you find the right value of your home that will allow you to sell it at a competitive market price. Fill out the form to let us know you’re ready to find out how much your home is worth.