Don Walker: Some tips for buying or selling a home
One of the most important factors in selling your home is the sales price. After all, you want to maximize your return if you are selling and be in the right financial area when buying. Let’s say your family has grown larger, along with your earnings, and you want to move up. You’ve been waiting for that special piece of property to appear on the market – and at long last it has.
On the other hand, it might be the time to scale down a bit. The kids have flown the nest, and you want to invest some of your equity into a fund for the future. Whatever your reasons you need some basis of objectivity – and you can find it by comparing your house against other houses that are for sale in your neighborhood.
Find out their sale prices and then compare them in size to yours. Specifically, you should compare the number of bedrooms, size, baths, etc., to yours, then factor in other distinctions such as overall condition of each house, the size and appeal of the lots, architectural style, and any extra desirable amenities.
You can also make this an easy task by turning to your real estate agent for a more comprehensive method of house value comparison. Your agent will have access to the Spokane Association of REALTORS® Multiple Listing Service (MLS) which lists asking prices for most every home in the area for sale. In addition, MLS also tracks sold prices. Your agent may frankly tell you if your asking price is unreasonable. Over-priced homes will generally stay on the market for a long time.
Your REALTOR® knows what people in the area are actually receiving for their homes, as well as the history and trends, and the home improvement projects which affect prices in the neighborhood.
Work with your agent to factor in all the qualitative aspects of your home.
Neighborhood
Agents will tell you the worst house in the best neighborhood is worth more than the best house in the worst neighborhood. The most important consideration is location, location and location. Other considerations include schools, services, transportation and the general upkeep of nearby homes.
Style and Landscape
The heart of that first look is called emotional or “curb” appeal. The home needs to appeal to those living there. After a long day at work, the welcoming sight of your home as you turn into the driveway can rejuvenate the soul.
Floor Plan
The layout of the house really directs how people will live in it. For example, a family that enjoys entertaining often may prefer an open place, like that found in many contemporary houses. But if people prefer their privacy and desire more room for quiet, a more traditional design might catch their eye.
Appealing Details
Custom-made items such as built-ins, draperies, or special appliances you are willing to leave behind can add value to the house. So can those fine architectural elements such as handcrafted wood molding, tall ceilings and dramatic windows.
Taxes
City and county tax structures can have a significant effect on the value of a home.
Other Factors
Housing value is subject to the laws of supply and demand. If there is a shortage of housing, prices will rise. If there are too many homes on the market, prices may be reduced. Pricing is more of an art than a science. Ask yourself how motivated you will be to sell and whether you can wait. This will depend on what your needs are.
Talk with your REALTOR®. You may not like what you hear, or you may be ecstatic, but most importantly you will be armed with a realistic and ultimately rewarding perspective that will help you set a proper price for selling your home efficiently and fairly.
And that would be a great way to start.