Is Your Home Value Suffering?
Ridiculous but True!
Your home value could be suffering, even in a Seller’s Market! Seems ridiculous to say since buyers are lined up to get into all new listings with such a low inventory of homes.
However, you could be doing yourself a disservice with your asking price if you have any of the items on this list…
Items that Can Negatively Impact Your Home Value
Funny, we work hard making our homes personal and custom to our way of life. They fit our needs and we love making memories in them.
However, when you go to sell your home, there should be a mindset switch – your home is now a commodity, a product that you want to sell. In order to get the best price for your home, you should avoid these pitfalls!
#1 – Lack of Curb Appeal
Taking care of the inside of your home is something we all do almost on autopilot. However, the first thing a buyer see’s when they pull up is the outside of your home.
Usually, a well maintained exterior pulls the buyer in! It can also add to the actual and perceived value of the home.
Take a look outside your home. Are there areas that could be spruced up? Things like:
- Peeling Paint on the house, windows and doors
- Unkept flower beds
- Cracked or unlevel sidewalks
- Items piled in the yard – whether leaves, toys, things you want to get rid of, etc..
- Full Gutters
Most home buyers favor a nice lawn and yard – front and back. This could add to your homes’ value. A good first impression will draw them in to see the rest of the home with an open mind.
However, unkept exteriors with lots of deferred maintenance can definitely take away from the value. It can also make a buyer question what other (interior) maintenance has been deferred and not done.
#2 – Kitchens Sell Homes
You don’t need a complete renovation of your kitchen but buyers will definitely be looking. If you have not made any updates since you bought the home years ago, chances are the kitchen is outdated and needs a refresher!
Since the kitchen is considered the heart of the home, a buyer (and appraiser) has to see value, there. Your home value can definitely drop if it looks like nothing has been done in there for years!
Be sure appliances are in working order. You could give the kitchen a new coat of paint, add some (or new) cabinet hardware, new light fixtures, update the faucets, even consider painting the cabinets! These tasks take some elbow grease but won’t break the bank and your homes’ value will thank you for it!
#3 – What About the Interior and your Home Value?
Yes, the interior can definitely bring the home value down.
Again, the way we sell a home is not the same as the way we live in a home. Once you make the decision to sell, you should look at your home through the eyes of a stranger.
The Star Wars family room, while cool and fitting for you and your family, could bring down the value in the eyes of a buyer/appraiser. Too drastic or personalized style just looks like a lot of work to a buyer, even if it’s not.
You’ve heard it before and will hear it again… neutral and simple decor, paint colors and flooring goes a long way for a buyer. It’s much easier for them to imagine themselves living there! That’s what we want, right?
Bright or bold paint choices, knick-knacks galore and every inch of space used just sends the wrong message to the buyer.
Declutter, simplify and rearrange furniture to show buyers there is plenty of space in the home for them! Your Realtor can help with ideas for this!
Yes, It’s a Seller’s Market But…
A Seller’s Market means there is not enough inventory of homes to go around to all the buyers who want homes. It DOESN’T mean you can name your price.
Appraisers are the 3rd party who ensure the home value at least equals the agreed upon price.
Taking care of the items on the list can help when trying to find the fair market value of your home. Remember, it’s a product now and to sell the quickest for the most money, you should make sure your home is looking it’s best!