{"id":864,"date":"2016-02-06T11:11:56","date_gmt":"2016-02-06T19:11:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=864"},"modified":"2016-02-06T10:19:10","modified_gmt":"2016-02-06T18:19:10","slug":"whats-my-home-worth-9-factors-that-affect-resale-value","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/whats-my-home-worth-9-factors-that-affect-resale-value\/","title":{"rendered":"What\u2019s My Home Worth? 9 Factors That Affect Resale Value"},"content":{"rendered":"<p style=\"text-align: justify;\">We\u2019ve all done it : You want to score tickets to a concert, but you don\u2019t want to pay face value, or worse, overpay. So you monitor the tickets\u2019 price online, watch prices ebb and flow, and then pounce once they\u2019ve hit rock bottom.<\/p>\n<p style=\"text-align: justify;\">Now apply this thinking to your home. Just like ticket prices, home values can vary wildly over time \u2014 peaking during a seller\u2019s market and hitting rock bottom during years like 2008. A smart home seller will monitor their home\u2019s value over the years so they know the general price range for their home (Trulia\u2019s home value tool is a great way to keep tabs).<\/p>\n<p style=\"text-align: justify;\">But if you want to do some renovations to increase the value of your home for sale in Houston, TX, or are just wondering why the value isn\u2019t increasing much over time, you need to understand what other factors influence a home\u2019s value. Here are nine variables that might be stalling your resale value.<\/p>\n<p style=\"text-align: justify;\"><strong>Location, location &#8230;.. you know the rest<\/strong><br \/>\nProximity to a busy highway, proximity to a large vacant lot, proximity to not very much at all \u2026 poor home placement almost always guarantees a stagnation of value. This is why two identical homes in the same neighborhood can have wildly different listing numbers if one is on a cul-de-sac and the other backs up to a four-way road. Conversely, if you\u2019ve sat on a property that has seen infrastructure spring up all around it in recent years, you\u2019re likely to witness a pleasant jump in perceived market value, especially if the specs of your home appeal to younger professionals looking for walkability.<\/p>\n<p style=\"text-align: justify;\"><strong>Stuck in that difficult in-between age<\/strong><br \/>\nCharacter-filled old properties are always in demand (ah, historic charm), as are new-construction homes (zero renovations needed). But a house that is 30 or 40 years old holds a lot less sway over discerning shoppers, especially if its layout is odd or dated.<\/p>\n<p style=\"text-align: justify;\"><strong>Outdated renovations<\/strong><br \/>\nDoes your kitchen celebrate the early 2000s trends, with dark wood cabinets and wall-to-wall carpet? Is your master bath a paean to the wonders of glass-brick walls and sponge paint? Renovations that were in vogue when you bought your home might now cause a buyer to come in and turn up their nose. This is not to say, however, that a major renovation is the best way to increase your net return. \u201cIn this market, I almost always advise sellers to improve their property rather than fully renovate and then price accordingly,\u201d says real estate agent Nicholas Palance. \u201cFresh paint and flowers spruce up the place for pennies on the dollar.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Renovations that suit your tastes only<\/strong><br \/>\nMaybe you put in your dream kitchen a few years ago, indulging your penchant for frosted glass cabinets and an avocado-green refrigerator. The problem in executing your singular vision? You risk finding out no one else shares your taste. \u201cMost buyers want to put their own stamp on their new home rather than pay a premium for your renovation,\u201d says Palance. If buyers can\u2019t see past your personal sense of style, your home could sit on the market for months \u2014 or worse.<\/p>\n<p style=\"text-align: justify;\"><strong>Negative history<\/strong><br \/>\nWas your home once flooded during a storm and suffered mold as a result? Was your street or neighborhood once associated with high crime rates, even if that information is now outdated? Did a fire ever occur on or near the property? Did a crime ever occur? It is near impossible to scrub the public record of your home\u2019s history; if your house has a storied history, then savvy potential buyers will know about it \u2014 and they may not be eager to inherit that mojo.<\/p>\n<p style=\"text-align: justify;\"><strong>Too small &#8230;.. or too big<\/strong><br \/>\nOne of the first stats potential buyers look for on a real estate site is the square footage. Most buyers are looking to upgrade, so your 500-square-footer might have limited appeal. Conversely, the bloom has fallen off the McMansion rose. The recession of 2008 taught us that oversized properties are not always an asset, and that a large house can become a burden if the market isn\u2019t strong enough to support it. Many buyers now are more pragmatic about how much space they really need to be comfortable.<\/p>\n<p style=\"text-align: justify;\"><strong>Bedroom or bathroom shortages<\/strong><br \/>\nThe second set of stats scrutinized by buyers? Bed and bath counts. There\u2019s no buyer out there who doesn\u2019t dream of having a separate guest bedroom or getting a whole bathroom to themselves. Even the most coveted address won\u2019t be helped by having only one bathroom or a low bedroom tally.<\/p>\n<p style=\"text-align: justify;\"><strong>Out of step with neighboring houses<\/strong><br \/>\nIs yours a single-family in a sea of townhomes? Is your condo in a modern building surrounded by historic structures? If your place lacks area comps, a bank is going to have a hard time properly assessing its resale possibilities and is likely going to underestimate your home\u2019s worth come appraisal time. And that unfair assessment could give your buyer a reason to try to negotiate down the sale price.<\/p>\n<p style=\"text-align: justify;\"><strong>No \u201cwow\u201d factor<\/strong><br \/>\n\u201cSome buildings have an intangible \u2018it\u2019 factor,\u201d says Palance. It could be rare architectural finishes, proximity to a renowned landmark, or the fact that celebrities are known to live nearby. But if there\u2019s nothing that really distinguishes your home \u2014 if there\u2019s no \u201chook\u201d to help make it stand out \u2014 it\u2019s sometimes difficult to attract attention, especially during the busy spring market. Even if you take your property off the market for a reset, its listing history remains on the record and might drag down future pricing.<\/p>\n<p><a href=\"http:\/\/www.msn.com\/en-us\/money\/realestate\/what%e2%80%99s-my-home-worth-9-factors-that-affect-resale-value\/ar-BBp4Nqk\" target=\"_blank\">What\u2019s My Home Worth? 9 Factors That Affect Resale Valu<\/a>e by Meaghan Agnew | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve all done it : You want to score tickets to a concert, but you don\u2019t want to pay face value, or worse, overpay. So you monitor the tickets\u2019 price &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/whats-my-home-worth-9-factors-that-affect-resale-value\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-864","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What\u2019s My Home Worth? 9 Factors That Affect Resale Value &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/whats-my-home-worth-9-factors-that-affect-resale-value\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What\u2019s My Home Worth? 9 Factors That Affect Resale Value &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"We\u2019ve all done it : You want to score tickets to a concert, but you don\u2019t want to pay face value, or worse, overpay. 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