The goal of home improvements if you plan to sell is to make money. With this in mind, the focus should always be on improvements that are high in profit based on what you plan to spend. Everything else is secondary.
We’d be happy to talk under no obligation.
Your neighbor listed their property for sale for a certain price. Does that automatically tell you your home’s worth? Maybe, maybe not. But here’s a fact. You can’t just cherry-pick homes to justify the value of your home. You got to look at all sales – what’s available, under contract, and recently sold – to conclude your home value.
We’d be happy to talk under no obligation.
Too many times, I find it that people are shy about asking how much their house is worth. They think I am too busy or just simply don’t want to bother me. STOP!
Letting you know the value of your home, even if its just for the sake of curiosity, is never an issue for me. So go ahead. Ask me.
Get Your Home Value or Call (305) 305-1535
9 times out of 10, people check their home value on Zillow or Trulia prior to calling a real estate agent. I personally think these sites are great considering they get it right about 50% of the time (when you take into account that an algorithm is trying to determine a very complex ordeal such as the value of a home…props to that).
So why do they miss the mark the other 50% of the time?
I don’t really know, and I doubt anyone else truly knows, but here is my guess. Because they can only see what’s on the outside of the property thru the eye in the sky – aka satellites – and they can only analyze what can be found on public records such as number of beds, number of baths, etc.
The problem here is two-fold.
Say you added a family room to a property. Or your home was built in 1975, but you have made an update here and there. It’s this lack of accurate information that can distort what’s reported in sites like Zillow.
Questions about your home value? Call / text (305) 305 1535 or email me!
So how can you squeeze every penny out of a buyer interested in your home without the use physical force or black mailing?
Yesterday, I met with a potential client that wanted to get $400,000 when similar homes in her neighborhood were going for $350,000. Here is how the dialog went.
Given her responses, below were my three suggestions to her.
1. Ride The Market
Although I don’t recommend this option (you’ll most likely be wasting time and attracting window shoppers), if you are itching to get your home in the market…then do it. But do it with the expectation to sit still for an extended amount of time. As time moves forward, the expectation is that other homes will progressively sell at higher prices. So once homes in your area begin to reach the price point you are looking for, your door may begin to get knocked on.
2. Upgrade Your Home
This option is a toss up because it all depends on the cost of the upgrade versus how much more money you will get for that upgrade. Eighty percent of the time (given location of property, market conditions, and desired upgrade), my advice to clients is not to do the upgrade for most likely you will break even or loose money. Again, depending on the latter variables, seldom will an upgrade benefit your bottom line.
Why? Cost of construction/remodeling has gone thru the roof compared to a decade ago. Parts and labor are not what they used to be…cheap-eeerrr. Due to this reality of life, it makes things difficult for say a $15,000 pool to bring up the value of your home by more than…$15,000 (get it?). Example:
– $15,000 cost of pool +$15,000 home appreciation = $0.00 more dollars in your bank account.
3. Sit On The Sidelines
What sidelines? I mean don’t put your property for sale. And wait till prices pick up.
This is the same as option 1 without placing your home in the market. And this option is the one I recommend the most if you:
Until the next real estate bust, prices should continue to move up, or at worst…stay flat.
Mario Avalos 