Top 5 Things That Affect Your Home's Value
When selling a Colorado Springs home, one of the most important things you need to decide is the price of your home. If you price the home too high, you may not sell it within the prime selling window and this could mean keeping it on the market longer than necessary. If you price your home too low, you risk not getting the best price for it and you certainly don't want potential buyers to wonder, "what could be wrong with the property?"
The Mike MacGuire Team uses specialized real estate strategies to sell your home at the highest price possible in the shortest amount of time. While selling your home can be an overwhelming process, we are here and ready to assist you with all of the details. Here are a few things that can affect the value of your home when you're ready to set a realistic price.
Location
If you've heard it once, you've heard it 100 times, "location, location, location!" And in real estate, it's true.The location of your home is one of the single most important details that a home buyer will look at first. Some will make exceptions for a home that is an exceptional deal or in great condition, but they always start by looking in a specific location. Other factors that play into the location are the price of recent homes that have sold, the quality of the local schools, local attractions like a park, and the neighborhood.
Size & Layout
Home buyers of the past were looking for large homes, whereas now, home buyers are more concerned with an open-concept design and large bedrooms. In fact, in some cases, it's not about the number of bedrooms, but the size, and you could hurt your sale by splitting one large bedroom into two. Large master suites are also a huge factor as people are searching for a dream home, so keep this in mind as you plan the price of your home.
Age & Condition
You will find that buyers are either looking for old historic homes that have been well maintained or new home. They are typically worth more than a home that was possibly built in the 1970's. As a home gets older, in many cases, it becomes less valuable, until the point where it becomes historic. One thing to keep in mind when working with Colorado Springs real estate, someone will be more apt to pay $15,000 more for a home that is move-in ready and well cared for than a home that only needs $5000 worth of updates.
Upgrades
While renovations can help improve your home's value, you need to be strategic in the improvements that you do. You don't want your home to be considered "over improved" when compared to the other homes in your neighborhood. Think about your ideal buyer before performing renovations. If your neighborhood is mostly made up of young families in their first home, you aren't going to want to do major renovations with state of the art appliances, brand new granite counter tops, and a small wine cellar because your ideal buyer won't be looking for a home like that, or to spend money on a home like that. However, if you are in a luxury neighborhood, those would be the types of upgrades you would want to make.
With that being said, renovations are a great way to improve your home, especially when you perform upgrades that people will love. Always remember to keep records of the repairs and upgrades that you've made so the home buyer knows your home has been well maintained.
Negative Connotations
One of the last things that can impact the value of your home is negative experiences. Have you had major mold issues? What about flooding or fire damage? Was there a violent crime committed in your home? Unfortunately, those can play a huge role in the pricing of your home, and it can be very hard to sell and may require a lower price. Federal law does require you to disclose all known lead-based paints, but other issues are in the gray area.
Trust the Best Real Estate Agents in Colorado Springs
When you're ready to sell your home we will help you price it accurately. We have a four-point focus, and this is what allows us to effectively sell your home. From the pricing and condition to presentation and exposure, we can help you navigate this process and come out on the other side! Our team is ready to assist you with everything, visit our website to learn more, or give us a call at 719-536-4324 today!
The Mike MacGuire Team uses specialized real estate strategies to sell your home at the highest price possible in the shortest amount of time. While selling your home can be an overwhelming process, we are here and ready to assist you with all of the details. Here are a few things that can affect the value of your home when you're ready to set a realistic price.
LocationIf you've heard it once, you've heard it 100 times, "location, location, location!" And in real estate, it's true.The location of your home is one of the single most important details that a home buyer will look at first. Some will make exceptions for a home that is an exceptional deal or in great condition, but they always start by looking in a specific location. Other factors that play into the location are the price of recent homes that have sold, the quality of the local schools, local attractions like a park, and the neighborhood.
Size & Layout
Home buyers of the past were looking for large homes, whereas now, home buyers are more concerned with an open-concept design and large bedrooms. In fact, in some cases, it's not about the number of bedrooms, but the size, and you could hurt your sale by splitting one large bedroom into two. Large master suites are also a huge factor as people are searching for a dream home, so keep this in mind as you plan the price of your home.
Age & Condition
You will find that buyers are either looking for old historic homes that have been well maintained or new home. They are typically worth more than a home that was possibly built in the 1970's. As a home gets older, in many cases, it becomes less valuable, until the point where it becomes historic. One thing to keep in mind when working with Colorado Springs real estate, someone will be more apt to pay $15,000 more for a home that is move-in ready and well cared for than a home that only needs $5000 worth of updates.
UpgradesWhile renovations can help improve your home's value, you need to be strategic in the improvements that you do. You don't want your home to be considered "over improved" when compared to the other homes in your neighborhood. Think about your ideal buyer before performing renovations. If your neighborhood is mostly made up of young families in their first home, you aren't going to want to do major renovations with state of the art appliances, brand new granite counter tops, and a small wine cellar because your ideal buyer won't be looking for a home like that, or to spend money on a home like that. However, if you are in a luxury neighborhood, those would be the types of upgrades you would want to make.
With that being said, renovations are a great way to improve your home, especially when you perform upgrades that people will love. Always remember to keep records of the repairs and upgrades that you've made so the home buyer knows your home has been well maintained.
Negative Connotations
One of the last things that can impact the value of your home is negative experiences. Have you had major mold issues? What about flooding or fire damage? Was there a violent crime committed in your home? Unfortunately, those can play a huge role in the pricing of your home, and it can be very hard to sell and may require a lower price. Federal law does require you to disclose all known lead-based paints, but other issues are in the gray area.
Trust the Best Real Estate Agents in Colorado SpringsWhen you're ready to sell your home we will help you price it accurately. We have a four-point focus, and this is what allows us to effectively sell your home. From the pricing and condition to presentation and exposure, we can help you navigate this process and come out on the other side! Our team is ready to assist you with everything, visit our website to learn more, or give us a call at 719-536-4324 today!
Mike MacGuire
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
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