Home values are based on the opinion of buyers. Given all their option, what would they reasonably pay for your house? So let’s assess the value buyers would see:
- The Greatest Virtues—like your private flat lot, central location, popular neighborhood, exciting improvements, solid quality
- The Greatest Drawbacks—like your steep driveway, dated kitchen, or tiny baths
- Value fundamentally comes back to supply and demand— The Current Competition: what you comparatively offer in location, condition, amenities, and price. And what does your price need to be to sell next?
- But the recent past sales do matter: your value will also have to fit within recent sales on an appraisal since lenders require these.
- Once you reasonably assess your current value, then you can ask about jobs that likely will make it more valuable or more salable. Focus on putting your house near, yet just above, its competition through cost effective ways to maximize its condition, enhance its showing impression, and attractive marketing.