Factors that affect the value of your home

Location

Location is often the single most important factor in determining the value of your home. You can have the same style and same amenities as another home, but depending on where that house is located and where your house is located, there can be a significant difference in the market value. Many things determine a preferred location such as: schools, recreation, traffic, shopping nearby, size of lots, neighboring homes, etc. This is something you can’t really change, but you must take into consideration when pricing your home to sell.

Competition

How many other homes like yours are currently for sale? How many have sold in the past few months? These numbers will tell us the supply/demand rate (called absorption ratio). This is something else you have to keep in mind when you price your home.

Condition

The way you live is different from the way you sell. You are selling space, not the furniture, accessories or décor. Your home is a “product” competing with other products. You must clean, de-clutter and perhaps rearrange in order to show you home to its best advantage. We have a professionally trained stager at our office who has made lists of things you should consider to “detail” your home for sale. You won’t get a second chance to make a first impression on buyers, so we suggest SHOWCASING your home before it’s listed. We’ll be glad to who you how.

Timing

Is this the best season to sell? How many buyers are out looking? What’s happening in the local economy? What are the mortgage interest rates? Is there currently a stimulus or bond program to help buyers? Are the local businesses hiring or laying off workers? All of these things must be taken into consideration when forecasting the most probable sales price and projected time on the market for a home. It’s not just the size and amenities of the home or what was paid for it. It’s how it compares to other homes which have sold and are currently for sale, its condition and the current market trends.

 

We’d be glad to prepare a Competitive Market Analysis for you at no charge to help determine the correct asking price for your home.

Just give us a call: 304-422-5488 or 740-373-1960 or email info@cbhome.com