Home sellers may think their home is worth a certain price while home buyers may think it’s worth a different price. Not only should you go by the market value of your neighborhood to determine the value of your home but also through buyer feedback.
What factors do buyers consider home to determine your home value?
Every home buyer is different, but throughout our experience with home buyers, we have noticed these 3 factors come up the most that buyers look at in a home to determine the home value.
1. Home updates
Buyers look for the costly updates such as a new roof, impact widows and flooring. These updates can make a difference when buyers are comparing it to other homes in the neighborhood.
2. The layout of the home
Is the home an open lay out or not? Is it a split bedroom layout? Depending on the buyer’s needs this will also determine whether they make an offer on your home or the other home for sale down the street.
3. Time, effort, and money to bring home up to buyer standards
No home is the “perfect” home for a buyer. Home buyers will always want to make a few changes here and there. The questions is, how much time, effort and money will it take to makes these changes? The fewer the changes they need to make the more value they will add to the home.
RELATED: One Way to Get the Wrong Value on Your Home? Ask Your Neighbor!
How do buyers determine your home value?
Buyers determine home value by a process called “comparison shopping”. Buyers compare the three factors mentioned above, against similar properties in the neighborhood to make a decision.
How do you make sure your home is Priced right?
Hiring the right real estate agent to assess the value of the home is important, even more so than advertising. Not having the right price on a home can mean the difference between a house selling in 30 to 60 days as opposed to not selling at all.
Contact us today, to help you determine the true value of your home! (no obligation!)