Evaluating a home’s market value isn’t always easy for a homeowner.  Many times an objective opinion is required, even if the news is not promising.  Overpricing a home is one assured way to prolong the selling process.  Moreover, a lengthy selling period, statistically, more times than not, correlates with a lower selling price. In comparison, homes that sell quickly will generally sell for more than their languishing-on-the market competition.  An experienced real estate professional  who knows the market and the neighborhood will likely be the most reliable resource to assess the value of a home.  

Many factors that can negatively affect a home’s value are obvious, but some are not.  Here are a few value-related concerns to keep top of mind when selling and seeking your highest and best value.

Curb Appeal

First impressions are critical -- a house without curb appeal can discourage buyers before they even exit from their cars.  Fortunately, curb appeal is one of the easiest problems to remedy.  A fresh coat of paint, clean front porch and neatly maintained and manicured yard are essential.  Keep in mind that a first impression can only be made once and really is essential to maximizing a home’s value.

Pets

There’s no question that odors and damage caused by pets need to be addressed before a house goes on the market and visitors view the property.  The scent of cat urine or sight of wood floors, worn or scratched by animal traffic, is likely to dampen buyer enthusiasm and inevitably drives offer amounts down. Buyers tend to double and triple discount for the costs of perceived issues. So addressing those up front will assure that your home will show better and increase the odds of selling for more.

Renovations

The problem with many design and customization decisions is that they work for the current owner, but not the prospective buyers  who may simply see these choices as projects they’ll have to pay to undo. Buyers need to imagine themselves living in a home of their own and not someone else’s residence.That’s why sellers who have over-personalized their homes should consider repainting with colors suited to many types of décor or replacing especially unique features such as a lighting fixture or carpet/flooring selection that may have buyers scratching their heads.

Physical Problems

Anything that would be a problem for the next owner of a home is definitely going to cost the seller. Whether it’s an obvious problem, or only discovered during a home inspection, issues with roofing, structure, HVAC equipment,  other mechanical systems, appliances etc., either need to be addressed by the seller before the house goes on the market or they will ultimately be factored into a prospective buyer’s offer or post-inspection discussions.

Location

The location of a home can be one of the biggest problems facing a homeowner wanting to sell.  A home on a main road, backing up to or near a highway or train, abutting non-residential property, on a lot with minimal yard space as compared to other neighborhood homes or properties located in an area with a questionable reputation, high crime rates, filled with unkempt homes and/or an unappealing skyline may be more difficult to sell, even if the home, itself, is in pristine condition.

Conclusion

Most homes, regardless of their issues, will sell – it is a function of the price.  So if you are thinking of selling and want to get the best price for your home, you may want to address concerns like those reviewed here.  Working together, I can help you sort through what can and can’t be done to improve your potential profit and help you to set an asking price that will bring results.

Contact me today and let’s discuss your real estate needs.


 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300

[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets


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