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Three Key Tips for Assessing Value

If you’re thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it’s essential to get an honest assessment of its value. An overly inflated figure won’t hold up and will only turn potential buyers away.

It’s best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these three key tips to get a true assessment of a home’s value.

Identify Positive Features About The Home And Property

When seeking an appraisal for a home, it’s important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it’s also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home’s value. Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a facelift periodically to keep things fresh. This will be taken into consideration during an appraisal.

Pay Attention To The Competition

Whether homeowners try to estimate their home’s value on their own or bring in the professionals, it’s important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale. It’s especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual’s home.

Think About Present Circumstances

Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price. However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the home’s value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones’ losses.

Act Now To Learn More

There is no better time than the present to contact us at HouseReward.com. Discover all the ins and outs of assessing your home’s value, discuss your options, and find out ways to boost your property’s potential as you seek a reliable assessment. Contact Lori Morrissey, Principal Broker for HouseReward.com for more information about your home today.  Phone: 608-381-4804  



 


Comments

10/09/2014 1:19pm

The blog was absolutely fantastic! Lot of great information which can be helpful in some or the other way. Thanks.

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12/23/2016 8:47pm

Some properties lose their value because of developments in the area. A beach front for example, if they made too many land fix in the area, it will eventually sell cheaper in the long run. The view is lost. this is what people pay for so if it is lost because of the developments, the value will decrease. It's best to sell properties who is not overly crowded.

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12/07/2017 4:07am

I still do not have any plan of selling my house, but it's a good thing that I knew these keys to remember so in case of emergency, I will surely know what to do and I know the value of my house already. It was advised that we should pay attention to competition because many homeowners right now who are up to selling their properties came up with strategies that will surely make you think. By the way, thank you for this very informative article!

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