If you’re planning
to move sometime in the next year, now is a good time to start to consider your
home value. The price you can get for your current home is one of the most
important factors when it comes to budgeting for the next house hunt. But just
because you bought your home for $350,000 does not mean you’ll be able to sell
it for the same. Over time, there can be several factors that can cause your
home’s value to increase...or decrease. Some of these factors, like the housing
market in your area, might be out of your hands, but there are some steps you
can take to increase your home value before you sell.
What Causes Home Value to Decrease?
Most decreases in
home value are due to market factors rather than your actual home. Increasing
mortgage rates can dissuade people from buying a home, making it more difficult
for homeowners to sell even the most stellar home. Foreclosures and short sales
can also cause home value for the entire neighborhood to decrease. When a
homebuyer can find a home for $100,000 or more less than the price of other
houses of roughly the same size, why wouldn’t they take it? Thus comparable
houses have to decrease in value in order to stay competitive. Environmental
factors in the area, like propensity for flood damage or storms, can impact
home value, as well.
One thing that is
somewhat within the homeowner’s control is wear and tear to the home from storm
damage or simply age. A home with an old roof or poorly sealed basement will
decrease in value, but these things can be repaired before you move.
How Can Homeowner’s Increase Home Value?
Homeowners who plan
to move but have some time before they do so will often remodel their home to
make sure it’s in prime condition before they put it on the market. First,
tackle problem areas in your home: a slightly sagging roof, chipping kitchen
tile, low water pressure in the shower. Once you’ve fixed the most glaring
problems, you can make cosmetic changes and, if you can afford it, update
appliances to newer, more energy efficient appliances. Don’t forget to boost
your curb appeal before you put your house on the market. New siding, a new
roof, and a fresh front yard garden will draw the eye of prospective buyers and
make them more interested in your house. Finally, staging the interior of your
home by rearranging furniture in a way that’s more favorable to prospective
buyers can help you to list a higher asking price. Do everything you can to
make your home the most appealing home on the market.
How Can Homeowners Find Out Their Home Value?
Few homeowners are
experts on the housing market, so now is a good time to talk to an expert. Have
your home appraised. Talk to a local real estate agent who is well acquainted
with the prices other homes in the neighborhood go for and what a fair asking
price would be. Your realtor can do more than help you to understand the
current market. They can also give you tips to increase your home value and go
to bat for you with the potential buyers and their agent. Your realtor will
make sure that you not only successfully sell your home, but that you get the
best value possible out of it before moving on to your new home.
House For Rent in College Station
Sarah Miller, your RE/MAX realtor bryan-college station can help you discover a lot of great tips for making a profitable sale of your home. Call Sarah Miller at 979-255-1904 for your real estate needs in Bryan-College Station and the entire Brazos Valley!
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