5 Reasons Your Neighbor's House is Worth More Than Yours
It's time to list your home and you've been seeing the sales prices of the homes around you and you're overly excited that your home is going to sell for SO much more than you ever thought it would! Your neighbor's home did...so yours is bound to as well, right?
Not so fast! I've run into this on more than one occasion each and every week this month and here is my advice as to why your home may not hold the same value as your neighbors' homes:
- Updates, updates, updates! Updates are simply at the top of the list for home buyers these days - time is a factor in everything as we find ourselves running in 100 different directions each day and cannot fathom buying a home that needs updates. Therefore, if your home isn't updated to the latest 'wants' of home buyers in your area, you are going to have to reduce your price accordingly.
- Outdated updates. You did updates but, they were done 10 years ago. You're still not going to realize the same value that your neighbors who updated their home in the last 0 - 5 years will. It stinks but, side-by-side, the two homes will not compare to the more discriminating buyers that we are seeing in 2018.
- You're short a bathroom!Your neighbors' homes have one additional full bathroom.
Yes, many of us were raised in a 3-bedroom, 1-bath home but, we have all become spoiled by the highly affordable cost of installing and maintaining extra bathrooms so, now we demand them. I recently had a seller add a full bath (stand-up shower) for $9,000. They got far more on the sale of that home because of that one additional bathroom with the sale of their home. That $9,000 pre-listing investment made them significantly more money!
- No pizazz! Buyers love pizazz these days and if your neighbors' homes have more of it, they'll sell quicker and for more money. The bones of your home may be better but, buyers are looking for that 'WOW home" in 2018. So, let's stage it and WOW them!
- Better First Impressions. Let's get the landscaper out, plant a few colorful flowers in pots by the front door, paint the front door and powerwash everything! First impressions truly make a difference!
I know what you're thinking - "Those last two don't have any additional value when it comes to appraisals." YES THEY DO! I can site listing after listing that have gone into multiple Offer situations and we anticipated issues with appraisals.
The sellers were instructed to have their homes 'show-ready' for the second most important showing - the appraisal - they did so and it appraised!
Subjectivity is a fact of life that we have learned to deal with when it comes to appraisals!
So, if you're thinking of selling, let's talk about how these factors may come into play with your home sale. Let's go tour your competitors' homes and see what we need to do to make your home shine over your neighbors' homes!
Original Blog written by Debe Maxwell