9 Factors that Can Affect a Home’s Resale Value
Home values in Las Vegas vary uncontrollably over time. Often, prices peak during a seller’s market and dip during instances such as the 2008 recession. Apart from the overall real estate market condition, there are lots of factors that affect a home’s value.
Location is everything as far as property value is concerned. Proximity to busy highways, large vacant lots, or even a poor home placement guarantees a stagnation in a home’s worth. This explains why two similar homes within the same neighborhood could have different sale prices. If one of them is on a cul-de-sac while the other one backs up to a highway, their prices will differ.
Stuck in the in-Between Age
Old, well-maintained properties always sell like hot cake due to their historic charm. Likewise, newly-constructed homes are popular with buyers because they require no renovations. A house that is thirty or forty years tends to have less sway over buyers, more so if the layout is dated or odd.
Is your home’s master bath a masterpiece or a shoddy piece of work? And, is your home’s kitchen attuned to the latest trends? Renovations that were the in-thing when you purchased your home might turn off or attract potential buyers. A significant renovation goes a long way in increasing your net return.
Renovations that Only Suit Your Tastes
You might have added that dream kitchen a couple of years ago and indulged your taste for frosted glass cabinets, but you can’t tell whether this is everyone’s cup of tea. When undertaking renovations, you should look beyond your tastes and preferences, especially if you plan to sell your home in the future. By executing your singular vision, your home can end up staying on the market for too long.
Is your neighborhood synonymous with criminality, or has your home been prone to a flooding incident in the past? These are some of the factors that can significantly impact its sale. If a savvy buyer looks at public records and finds out such information, he/she can avoid purchasing your property.
One of the first things that potential buyers look at is the size of a house. Often, buyers look to upgrade. Therefore, it’s highly likely that your 500-square-footer will have limited appeal. Likewise, the real estate market crash of 2008 made it clear that a big home can sometimes be a liability rather than an asset, especially if the market is not strong enough to support it. Today, buyers go for properties that they are comfortable with.
Bathroom or Bedroom Shortages
Bedrooms and bathrooms count as far as selling your home is concerned. There isn’t a buyer who doesn’t want to have a separate guest bedroom or to have a whole bathroom to him/herself. Even if your home is in the most desirable address, selling it will be difficult if there’s a low bedroom or bathroom tally.
No “Wow” Factor
Some buildings have an outstanding “it” factor. It could be a rare architectural finish, closeness to a famous landmark, or the neighborhood’s security. If there is nothing that makes your home stand out, it might be difficult to attract buyers. You will struggle to sell the property even after taking it off the market to do a reset. The listing history will remain on the record, thus dragging down the property’s price.
Out of Step With Nearby Houses
Your house could be stagnating on the market merely because it is out of step with other homes in the neighborhood. If your home lacks neighborhood comparison, accessing its current value and its potential resale value is likely to be complicated.
Are you looking to put your house on the market and you want to determine its value? Contact us for comparative market analysis.