VALUE OF YOUR HOME

THE VALUE OF YOUR HOME?
In a neighborhood of similar homes, why is one worth more than another? That’s the question that’s
teased buyers and sellers for ages, but the answer is simple.
Your real estate professional can help you determine
the true value of your home.
Every home is different.
When a home is sold, a willing seller and a willing
buyer have just announced to the world the value of
that home. From there, other similar homes are
benchmarked, but other factors come into play. The
most important are:
Location - The closer a home is to jobs, parks,
transportation, schools, and community services, the
more desirable it is.
Size - Square footage impacts home values because
they’re built using more materials. Larger lot sizes
mean more privacy.
Number of bedrooms and baths - Over time,
median homes have grown larger. Decades ago,
household members shared bedrooms and baths
without complaint, but today, families want more
privacy. The median home purchased today is a
three-bedroom, two-bath home.
Features and finishes - Features such as outdoor kitchens and spa baths make a home more luxurious.
A home finished with hardwood floors and granite countertops is going to cost more than a home with
carpet and laminate countertops.
Condition - The closer a home is to new construction, the more it will retain its value. It’s perceived as
more modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less.
It’s a good idea for homeowners to keep their homes updated and in top repair.
Curb appeal - From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowers
won’t change the size or location, but they certainly add charm.
When two homes are identical in the same neighborhood, a higher price may come down to something
as simple as views, or paint colors, or the overall taste of the homeowner.
Valuing a home will never be an exact science, but if you buy wisely, keep your home updated and in
good repair, you should recoup most if not all of your investment.