Home Value: How Can I Increase the Value of My Home?
Every house is different. Any generic list of improvements for increasing home value may not be applicable to each home in every situation. Major remodeling of your property is one way you can be sure of increasing your resale value, but then again, is it even necessary?
Tidying up the outside of your home with landscaping, new siding or paint, or new doors or windows is one way to increase home values. If your home is up for sale, the first thing buyers will notice is your curb appeal, as any real estate agent will tell you.
Always remember under all circumstances that clean and neat is vital. Be sure to have everything in place, in order, fixed, repaired and clean when showing your home.
Your Neighborhood Value Will Affect Home Values
The neighborhood you live in is the first place a real estate broker or appraiser will look for comparable homes when performing an estimation of value for your home. The recent sold price of these comps is the metrics used on your home. In a booming market a recent sold home would be in the last 3 months. In a more stable market they can go back 6 months.
Foreclosure Homes can affect your home value.
Foreclosure homes vary in appearance from community to community. Some foreclosure sales are handled quietly and quickly and resold by the lender for market value. One day a moving van pulls up, loads the occupant’s belongings and departs, shortly followed by a real estate broker’s For Sale sign. Few weeks later, a sold sign pops up and new owners move in.
In other neighborhoods, a foreclosed home might be boarded up and plastered with large signs advertising bank-owned or REO. Some of those homes might remain in an abandoned condition for years. The weeds grow high enough to cover sidewalks, pranksters throw rocks through second-floor windows, and the home becomes an eyesore, a dumping ground for used mattresses and automobile parts. Signs of foreclosures can leave neighbors wondering, “What about the value of my home?” Owners of surrounding homes are concerned that a foreclosure might affect the market value of their home, and rightly so.
Ask A Walking, Talking Free Home Value Estimator
Before you start making changes to your home, you need to figure out just what your home is worth. Your best bet is to contact a Hitchcock Realty Real Estate Professional and ask for a Comparable Market Analysis (or CMA) to get a range of possible prices your home may be able to sell at. Our agents can determine and chart a range of current values for you based on your home’s individual characteristics, past home value history, and comparisons to other homes that sold in the neighborhood. Agents can also give you information on what additions could cause your home value to rise or fall.
Or Get ‘Not So Free’ Home Value Estimates
Another option is to get an appraisal done of your home, though this will definitely cost you money (approx. $500). A professional appraiser will make an assessment of your home by taking a walk through and making sure everything is up to code. They will also make a comparison to similar homes to arrive at an average value, and may be able to give an idea of what future renovations will do to the home value.
Appraisals are usually needed when applying for a mortgage, where your home value and credit history can have a big effect on the kind of interest rates you may get.
Don’t Waste Your Time On Home Value Estimates Online
There are plenty of sites on the web offering free home value reports. Some, such as Zillow’s projections, use old tax records to give you an instant median house value. This is inaccurate, as their data can be old, or nonexistent in many cases. While the site does graph and map its data for easy viewing, many professionals have found its estimates to be off by thousands of dollars, while consumers seem to always assume it is dead on.
Most of these companies are marketers that capture your contact information, then selling you as a lead to local brokers and other third party individuals in your area.
Let’s Get Started Your FREE Property Valuation
Contact Margaret Hitchcock at Hitchcock Realty today and ask about a free Comparable Market Analysis (CMA) of your home. If you are serious about selling your home then you will need to know what other real estate professionals think of your home and its value. Margaret can provide you with a professionally produced CMA within 48-72 hours at no charge to you.
If you are serious about selling your home then contact Margaret today about getting a CMA at (252) 269-2893.
Note: Hitchcock Realty will perform FREE Home Valuation only for the owner of the valuated property, power of attorney or a person appointed by the owner to act on his/her behalf. Some restrictions may apply.