What Determines the Value of Your Home?

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Basically, a home's worth is determined by its market value. How is "market value" determined? Most often, it's figured by a comparison ("comp") with homes similar to yours in the surrounding area. So, if the homes in your neighborhood average, say, $250,000, then it's likely that the value of your property will fall in the same range. But market value is also determined by a number of factors including the following:

External Factors  

There can be several external factors influencing the value of your home. One is "curb appeal", or the first impression your property makes upon prospective buyers. A home that's in excellent condition on the outside will make a great first impression; a home in poor repair instantly loses its appeal to buyers. Other factors can include lot size, popularity of an architectural style of property, water/sewage systems, paved roads, sidewalks, etc.

Internal Factors  

The condition of a home's interior also has a huge influence on prospective buyers. When you've demonstrated "pride of ownership" and kept up the maintenance (quality paint, trim, molding, etc.), a buyer's interest will immediately perk up for the simple reason that they know your care and concern will result in less cost and maintenance for them. Other internal factors include construction quality, condition of appliances, size and number of rooms, heating/cooling type, energy efficiency, etc.

Supply and Demand

"Supply and demand" simply refers to the number of homes for sale versus the number of buyers. When there are more homes than there are buyers, prices tend to be lower. When there are a lot of buyers chasing few homes, then prices tend to rise. In effect, supply and demand affects how quickly your home will sell. Location More than likely, you already know the old saying, "There are three main factors in real estate - location, location, location." While that's not the whole story, desirability is a big factor for home buyers. They may want to live in particular school district known for its education excellence…a great and safe neighborhood with rising property values…etc.

But I Know My Home Is More Valuable Than a Lot of Comparable Homes in My Neighborhood  

Aren't Allowances Made for This? Definitely! Sometimes, it can be difficult to find homes exactly comparable to your own. So, dollar adjustments are made for the differences between your home and comparable properties.

Where Do I Find Sales Comparison Information?
 The easiest source to access is your Realtor. After all, it's his or her business to know such information! But, there are also other sources you can tap into in order to get a complete picture of your home's value in comparison to others in your neighborhood. Here's an overview of them:

1. ) The Local Assessor's Office  

It's very likely that your local assessor will be able to provide the sales history of a particular house, neighborhood, or style of architecture. Many assessors also provide lists of recent sales which you can browse and compare to the assessment roll. Today, many municipalities provide local sales and assessment information online making it very easy to access. Check with your local government agency to find out if they provide this service.

2.) Online Private Companies  

You can search for these companies using the Google search engine and the keywords "comparable home sales" or "comparable sales." Some companies offer free information; others charge a nominal fee. If you wish to get more specific, you can Google "real estate database" and type in the name of your particular state to get additional property information.

3.) Your Local Newspaper  

It's likely that your local newspaper is a great source of specific real estate information. Look for quarterly sales reports in the real estate or business sections.

The Key to Getting the Price You Want (or Close To It) for Your Home

The key to getting the best value is finding and matching the right buyer to your home. And that's the job of the Realtor! He or she should work hard to qualify those buyers upfront so the right people are viewing your property! In other words, the Realtor should weed out "lookers" and other unsuitable buyers as a first step in working with you. See how I do that for you by calling me today!

Tips for a Stress-Free Move

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So you’ve spent countless days (Weeks? Months?) looking for the perfect home and you finally have the keys! Now what? It’s time to move in. But after all the stress leading up to the closing, the last thing you want is for your move to be difficult. That’s why I’ve put together a short but very useful list of five things you can do to make that move as stress-free as possible.

Load Up on a Support System

Do not underestimate how much help you will end up needing. Not only does a strong support system help you with some of the more physical aspects of moving, but also you will benefit from having a great sounding board. It is important to be able to rely on people that you know and trust and those that will be a strong voice of reason during the otherwise typical madness of a move.

Give Yourself Time to Breathe

As you set out to tackle all the tasks involved in a successful move, it is easy to ignore the need for rest. Be sure to take plenty of breaks and try not to stress out about each little detail. By spending a few minutes each day to plan out some details at hand, you can sit back and watch things progress smoothly. It’s also important to make some time for fun or relaxing activities throughout your move as well.

Don’t Neglect Your Body (and Mind)

As things to do pile up, the natural thing you might end up doing is to stop taking care of your body’s needs. Without proper nutrition, you stand the risk of a physical breakdown – and the last thing you need is unnecessary delay in getting settled. Taking care of your mind is equally as important, that’s why I recommend getting in some exercise during move-in days too. Nothing relieves stress like exercise and it will be good to get away from a sea of boxes for a while.

Hire Professionals Whenever Possible

If you can afford it, hire professionals wherever possible. Whether you hire movers, organizers, interior designers, landscapers or architects – every bit of help you get in this regard will be time you can focus on personalizing your space. Hiring professionals allows you to be able to enjoy the move rather than be stressed about getting everything done.

Take Your Time and Enjoy the Process

It goes without saying that until you are completely settled down in your new home, things will not be perfect. Having said that, don’t forget to slow down and enjoy the means to the end too. Rather than rush things, adjust to new friends, a new neighborhood and of course your new home. This will be a time you will relish and one that you will not be able to recover in the future.

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If you would like help finding your dream home, contact me today – I look forward to helping you!