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August
12
12
5 Things That Influence Home Value
You may consider your Twin Cities home to be priceless, but in reality, a number of specific factors affect market value. While some are out of your control, there are proactive ways to make your home more attractive to buyers. Our real estate agents review five significant elements impacting your home's potential selling price.
- Neighborhood
"Location, location, location" is the classic real estate mantra. Sometimes the location is relative, such as the distance of your work commute, but as it applies to home prices, the term "location" is more universal. Proximity to quality schools, plentiful job opportunities, and entertainment and cultural amenities provides a major boost to a home's value. "Comps," the selling price of recently sold homes in your neighborhood, provide a ballpark figure as to what you might expect to get for your home. - Age and Condition
Logically, a newer home will command a higher price than an older one. Recently-build homes more closely fit current tastes and a buyer can reasonably expect to have little to no maintenance expenses for several years. Age can work in your home's favor if it's built in a classic style, such as Craftsman, Victorian or Cape Cod, or if it has a noteworthy history. - Current Economy
The basic law of supply and demand applies to the housing market just as it does to any goods and services. Homes sell for a higher price in times of housing shortages, especially if you live in an area with a growing population. Overall economic climate also plays a role in the rise and fall of home prices. Employment rates influence the amount of money people can afford to spend, while interest rates govern the availability and cost of mortgages. - Size and Layout
When it comes to homes, bigger isn't necessarily better. Buyers do want enough room to comfortably accommodate their family and lifestyle, but too much space often translates to more cleaning and upkeep, which can be a drawback. The layout is also important: Does it flow logically? Is the floor plan open or more compartmentalized? - Upgrades and Updates
Is your home move-in ready? A fixer-upper appeals primarily to DIYers, which severely limits the pool of potential buyers. Modern features, particularly in the kitchen and bathroom, will greatly enhance the selling value of an older home. Don't forget about the home's exterior, where attractive landscaping, decks, and garages add considerable value. With any improvements, aim for the sweet spot where they have a contemporary look but they're not so trendy that they'll become dated quickly.
Our experienced real estate agents will help you maximize your home's value in any market conditions. Contact us at Counselor Realty to sell your Twin Cities home quickly for top price.