Home value? Four factors drive this train
While this time of year can still see a lot of real estate activity, it has been rumored that home buyers and sellers – even in the Bay Area – like to take a little break in activity and enjoy the onslaught of holiday fun. So, while we might not see a slew of new properties flooding the market, it might be a good time to take a look at your home’s value. What factors truly influence your home’s value? What is it’s greatest asset?
Here are the top four factors we believe depict a true picture of your home’s value.
- Location, location, location. We all know that location matters – it’s the first on most people’s lists. What are the schools like, what is the community flavor, walkability? Location is the No. 1 factor that determines a home’s value, not just as it relates to placement, but also as it relates to the other considerations – is there a view? Is it close to a noisy thoroughfare?
- Layout and Size: Yes, size does matter. So does the configuration. An open concept design can fetch more than a home that is separated by boxy rooms without welcoming entrances and an inviting flow.
- Age and Condition: Everybody loves something vintage every now and again, but it’s not too attractive when it is a vintage home that hasn’t been upgraded. There are many homes here in the Bay Area with old world charm that can fetch a pretty penny … and then there are those with Mint Chip green and brown tiles and mauve toilets that can turn away even the most eager buyers.
- Upgrades: Consider the renovation. Don’t throw up a wall to make one big bedroom two rooms. If you’re planning to sell your home one day, then consider what upgrades you make and try not to have them be too specific to your lifestyle, because it could turn off another. And be sure to keep your records of permits and improvements – this can go a long way when you’re selling the property.
While you might want to take some time off of your real estate search and enjoy the fun of the season, be sure to keep these factors in mind. Want to know more about your home’s worth? Contact us to have your questions answered.