You ask; What is my home worth?
I’ll ask: What are some of the features you can NOT change?
The top three things that dictate a home’s value (and I know you have heard this before)
- Location (regional)
- Location (local)
- Location (physical)
Let’s elaborate: Location is geographical. Do you live in New England, Southern California or the Deep South. Maybe you are in the mid west. Apples to apples on the condition and size of a home these locations will drastically change your home’s value. What town or city do you live in and how close to the urban center are you. How close are you to local highways and major travel routes? It’s a delicate balance between being too close to center and too far away. People love convenience but not too convenient.
Now that we have settled in on how convenient your commute to work or the grocery store will be, let’s talk about other local amenities. How are the taxes handled for the town your property is located in? You may have a good idea about your towns overall value in comparison to neighboring towns.
So let’s talk about physical location; do you live on a hill, on a main road, are there trees, privacy, or a cul-de-sac? Are you in a gated community, are there association fees? What do you see when you look out the window? What do you see when you drive home? What can you hear? Is there an airport or a train, maybe a highway in the distance?
See the importance of understanding location as value above everything else, location is the one thing a buyer cannot change about your house. Everything else can be fixed, changed, adjusted to suit the new owners liking but location can never be changed. You can move your neighboring farm or the highway. You can change your views or remove a hill.
With today’s technology a house with a center chimney can be renovated to have a full open floor plan, A ranch can be built into a colonial, a three bedroom can become a 4 bedroom and vice versa.
There are other factors that play into the value of your home; Such as condition and size in comparison to other homes with comparable location and these things should not be taken lightly either.
You should also consider your Realtors location. I’m not saying you want to hire a town specific agent either. Agents who specialize in one town limit their connections to people inside the town. We are seeing a trend of transplants. Meaning, many buyers are coming from outside the current location which they are buying; People moving from towns to a city or from the city to a more suburban or rural area. Make sure your agent has reach, both local and metro and make sure they have a great internet presence. Location is everything including where your listing will be seen and talked about. Just because an agent sells more homes in a specific town doesn’t always mean they are the best fit for the job. Check the agents overall criteria. How many homes have they sold in all locations? How far can they reach and to how many people. Your location on the web in a sale is as important as your location on the planet.