How to Know Your Home’s Worth
You’ve been living in your home for years. It’s carried you through children, school, job changes and plenty of family pets. It’s never let you down, but now it’s time to move on.
The last thing you want to see is your house sell for less than you think it’s worth. We’ve put together a list of characteristics that affect the price of your home, so you can work together with your REALTOR® to find the best asking price for your home’s sale.
As your home ages and grows in its unique charm, it also takes more upkeep to take care of it. You unfortunately can’t expect a home that’s 50 years old or more to avoid depreciation over all those years.
Aging systems in your home either need to be repaired or replaced; either way, older homes tax your wallet more than a brand new home. Potential buyers will expect that fact to be reflected in your asking price, and might even request updated systems before they move in.
The old real estate mantra is long-lasting because it’s true: location is everything. Everyone wants to live near the best schools, in safe communities with plenty to do. Of course, the nicer your community, the more expensive a home within that neighborhood will be.
Number of bedrooms and bathrooms
If you’ve ever seen a tour of a celebrity mansion on TV, you know that million-dollar homes often have a double-digit amount of bedrooms and bathrooms. It’s a simple equation: more beds and baths = more value in a home. And if you have an unusual ratio of the two (4 bedrooms and only 1 bathroom, for example), expect to pay for it in your asking price.
Everyone wants more to space to live, and will pay up to have the room they need. This goes both for the size of your existing home, as well as the land that can be expanded into.
Even with a 1-bedroom shack, your land can be extremely valuable if you own a lot of it. But with no room to expand, your home can only be worth so much.
The previous four categories affect your house’s price the most, but there are hundreds of little things that set your home apart for better or worse. Does your master bath have a jet tub? Is there a pool in your backyard? These bump your selling price up.
But not all quirks are positive. Still have shag carpet in your basement? Or a chain link fence instead of a privacy fence? Expect a buyer to want to replace these.
Keep all of these things in mind when you sit down to estimate your home’s value. Your property’s value or worth is mainly determined by what a ready, willing and able buyer will pay, what a lender will loan on it and you as the seller will accept for your property today.
That is usually driven by other house sales in your area. You should determine what you want or need to NET from the sale of your house and price it accordingly, in line with the current market conditions.
Give us a call at 417-818-1237 and we will help you find a price for your home that meets your overall financial objective and stay with current market conditions.