How Much is My House Worth?

So you ask, how much is my house worth? That is a great question.
I can’t specifically answer that question in a blog but I can give you an idea of the factors that do and do not determine your homes value.

Factors that determine a property value:

1. Location
2. Location
3. Location: Ok, we have all heard that location is the most important factor in a homes value, and it is. Not just you neighborhood, but also your city or town, your state and your geographical location. Your location in relevance to amenities or noise, commuter distance, school systems, crime rates and land topography. Location is so important because it covers all of these factors. Where your house sits on the planet earth is the most valuable asset your house has- because it can not be changed. (unless of course it has wheels, but that is another topic for another day.)
4. In your current location, other homes that have recently sold will help you determine the rough value of any given area. These numbers do not lie. They also matter in the eyes of an appraiser, since 88% of buyers are using financing the appraisers opinion is going to come into play.
5. Homes that are active on the market show who you are competing against.  Buyers usually look at a minimum of 5-10 homes before deciding on one to write an offer on. I like to say: It’s either a beauty contest or a price war.
6. This is where condition comes into play. If you have the prettiest house in the beauty contest then you can charge more than you unkempt neighbor’s house. But not more than it would cost a buyer to get your neighbors less beautiful property to the same or better condition.
7. Contingencies- suitable housing clauses, special terms, anything that is not so cut and dry can reducd the overall value of your property if there is another similar property lacking those requirements.
8. Days on Market- There will be a good number to price your house at from the beginning. If you so choose to “test” the market for a higher price those MLS Days on Market will begin to deteriorate your homes value. Buyers wil start to wonder why no one has bought it yet and imagine all sorts of horrible things that must be wrong with it. The only thing wrong may have been starting at a price that was too high. Don’t leave room for negotiations, price it right and get it sold. Noone likes playing games and Days On Market will hurt your resale.

 Now for factors that do not affect your homes value:

1. How much money you purchased the home for. Markets fluctuate and so does appreciation values for different locations. You may see a specific percentage of appreciation for your state but in your specific town it may vary greatly. What you paid has no bearing on the value of the home.
2. How much money you have spent in renovations for the home. Condition does matter but how much money you spent to get it there doesn’t. Most renovations do not return 100% value and most are much lower than one would expect.
3. Specialty upgrades you did for yourself. A pool, a fancy security system, mahogany and marble floors and so on. If your neighborhood is one where granite counters are expected, your granite counters are not adding value they are just keeping your home in line with the comparable properties in the same location. If you have the finest home in the neighborhood you may have overbuilt and the lower values of the home around you will decrease the value and though fancy upgrades are nice a buyer more than likely won’t be willing to pay extra for them.
4. Your personal opinion of the neighborhood or your neighbors. There is no guarantee those neighbors will stay and no guarantee the neighborhood will remain the same in time.
5. Your memories. We can’t sell them with the house, they are priceless. Baby’s first steps, the day you got ready for your wedding, that unforgettable surprise party, and all the blood sweat and tears you put in to paint and design and decorate are yours to keep. They bring little value to a house. With that said a true home can be felt. When people have loved and cared for there home buyers can see it and they do respect and appreciate it. This may be a factors in why a set of buyers choose your home to make an offer on but the value will lie in the factors above none-the-less.

So How Much is My House Worth?

If you would like to see a basic value click the image below or visit www.SellingWorcesterCounty.com :

or Just Call The Pros to set up a more accurate personal market analysis with our expert listing specialist for free.
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