Ever wondered what your home may be worth? You probably have considering it is likely your biggest personal investment and most valuable asset. Well, before you can even take a shot at a number you have to learn what kind of things decide the fair market value of a house. We say the words "fair market value" because there is no true price tag on something as precious as a home, there's only how much someone is willing to pay for it. Without further ado, here are four of the most important aspects deciding the market value of your home.
This one can be pretty obvious most of the time. Everyone knows that a beachfront condo with a great ocean-view and a short stroll to the shore will fetch top-dollar most places. There's more to it than that of course. Other factors include the quality of local schools and the reputation of the neighborhood. Proximity to areas central to daily life can raise value too. These include retail and grocery stores, city centers and highways. Anywhere that allows a short commute to work, shopping and nightlife looks more favorable in the eyes of a potential buyer.
Does your home have anything that really makes it stand out? A luxurious in-ground pool? A built-in backup generator? A high-tech media room for movie nights? Any unique and desirable features such as these can definitely raise the value of your home. Be warned, though, this could potentially limit your pool of buyers. Many people love pools, but a pool can be a deal-breaker for someone not interested in the upkeep. It is generally not a good idea to make additions like these to your home just for the sake of adding value.
Is your home outdated and unkempt or a pristine gem? The condition of your home is one of the most important things when it comes to snagging an interested buyer. You could have the biggest, best located house in town, but you won't get top dollar if it looks fifty years out of date or needs major repairs. In real estate, we put a lot of emphasis on how a house "shows" which is what the buyer sees as the first impression of the home. If you want to keep the value of your home up, it is necessary to keep up it clean, up-to-date and well maintained.
Whether its on a national level or right here in Brevard County, certain movements within the real estate market effect the value of all homes. This could obviously be seen in the crash of 2007-2008, which absolutely devastated home prices. Fortunately, there is a much more positive outlook for the real estate market these days, especially in Brevard County. A large influx of buyers and a dwindling supply of available homes has caused home prices to appreciate sharply. Supply and demand is the main factor that affects most local real estate markets. When a REALTOR® estimates the value of your home, they compare the features and condition of your home with similar homes that have sold recently in your neighborhood. The resulting analysis will give them an estimate of what your home will likely sell for.
Hopefully reading this gives you an idea of the factors that go into valuing your home. But there's no need to calculate that number yourself because you can always contact us at Florida Coast Realty Partners for a free, no-obligation comparative market analysis of your home!
Is it a $389,000 kitchen... or a garage? The second photo is how a kitchen picture should be... in full view and unobstructed by foot-powered vehicles.
This picture looks more like a game of I Spy than a $525,000 kitchen. The second photo is clean, properly exposed, and at the optimal angle... this should be the standard for all REALTOR® photos.
For $550,000 they could've at least shown us the whole bed... The second photo is more like it! A full view of the room is important unless there is a unique feature we want to show off.
Does this make you want to spend $639,000? The fuzzy, overexposed quality reminds us more of a headache than a full night's rest. The proper lighting in the second photo makes the room much more inviting for a potential buyer.
You want a buyer to be able to imagine themselves living in your home. Surely no one was thinking about living in this $550,000 home while looking at this picture. People and personal effects don't belong your buyer's future bathroom. The whole home should presented as clean slate like in the second photo.
We were told this is a $525,000 home. It looks more like a crime scene to me. If you're gonna show off the closet, make sure there's something to show off. It's generally not worth even taking a picture if it isn't a walk-in space.
And here in our $800,000 condo the main focus of our tour is... this lovely wall! If you need to show an empty room, you should at least get a good angle. In the second photo, we even got a peek of the bathroom as an added bonus.
You would never know this was an $800,000 condo looking at this blurry mess. Taking a step back to get a full view of the room really opens things up and makes the space look as big as possible. Also, securing the camera properly and getting the correct exposure prevents that horrible blur.
Hopefully the takeaway from all this is that proper exposure, full lighting and a wide angle along with a clean, presentable room make the best possible picture. If you're a seller, you should strive for nothing less to bring buyers in the door. If you're a REALTOR®, providing anything less is inappropriate for a paying customer.
Good luck and keep those cameras steady!
Are you getting ready to sell your home and considering how much work you should put into it before it goes on the market? To remodel or not to remodel? To answer this question one must ask "what's important to the prospective buyer"? In my experience there are generally three kinds of buyers:
Of course there are plenty of buyers who want it all and still want to get a bargain, but in today's market they are out of luck.
Now consider the current condition of your home. Try to be objective. It might be best to get the opinion of a friend who will be honest with you. Is your home almost perfect - great condition and up-to-date? Maybe everything is great except your carpets are looking worn. If that's the case, it may make sense to replace those carpets and work toward getting top dollar for your home.
But what if there are lots of things that aren't updated? In this case, it's less likely it will be worth spending the time and money to get top-dollar. (An exception to this is if you have a home in a highly desirable location such as river front. In this case the added value to your home may be significantly higher than the cost to renovate. Ask your REALTOR® to do a market analysis of the price with and without renovations.)
Most of us find ourselves falling into the third category. Our homes aren't completely updated but they also aren't a throwback to 1970! If this describes you, consider the following things that can be done to make your home seem more up-to-date without spending a lot of money:
While curb appeal is important, it is my opinion that if you have a limited budget your money is better spent making the improvements described above then doing any major front yard landscaping. Of course, you want to keep it mowed and trimmed. Even a front yard full of weeds can look somewhat presentable if it is kept all the same height. However, consider your backyard more carefully. ... In Florida outdoor living is important.
The bottom line is you want a prospective buyer to have an overall good impression of the home. It's OK that it isn't perfect, but you don't want them to remember it as the dated house that has to be completely remodeled!
If you live in Brevard County, you can click here to arrange for a free consultation of recommended improvements and staging tips of your home.