Every Home is Different
When a home is sold, a willing seller and a willing buyer have just announced to the world the value of that home. From there, other similar homes are benchmarked, but other factors so come into play. The most important are:
- Location – the closer a home is to jobs, parks, transportation, schools and community services, the more desirable it is.
- Size – square footage impacts home values because they’re built using more materials. Larger lot sizes mean more privacy.
- Number of bedrooms and baths – over time, median homes have grown larger. Families today want more privacy. The median home purchased is at least 3 bedrooms and 2 baths.
- Features and finishes – features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops is going to cost more than a home with wall to wall carpeting and laminate countertops.
- Condition – the closer a home is to new, the more it will retain its value. It’s perceived as more modern, up to date and perhaps safer. Homes that are not updated or in poor condition sell for less.
- Curb Appeal – from the street, the home looks clean, fresh and inviting. Fresh landscaping and flowers won’t change the size or location, but will certainly add charm.
When 2 homes are identical in the same neighborhood, a higher price may come down to something simple as views or paint colors, or the overall taste of the homeowner. That is why it is best to maintain your home in good, uncluttered condition, paint in neutral welcoming colors, and decorate conservatively.
Valuing a home will never be an exact science, but if you follow these guidelines, you can be sure to capture as much as possible of your investment when you do sell.