Although home values have substantially declined in recent years, there are things homeowners can do to stabilize the amount their home is worth. In today's market it is more important than ever to maintain properties when attempting to find a buyer. There are plenty of cheap homes for sale, so homeowners must make their house stand apart from the rest.
Home values are determined by many factors. Much depends on the buyer's perception of the property. What appeals to one person may not have any value to another. However, most people are looking for homes that have open floor plans, fresh paint, new flooring or carpet, and attractive landscaping,
For most buyers, the master bedroom and kitchen are the most important factors when buying houses. While it's not necessary to completely remodel these rooms, investing in new appliances, countertops, sinks, flooring, paint, and ceiling fans can go a long way in adding home value.
Sellers ought to inspect every inch of their property prior to listing the home with a realistate agent. Cosmetic blemishes need to be taken care of and any structural or mechanical items need to be fixed.
With that being said, never spend more in renovations than can be recaptured through the sale. There is no point in adding a Jacuzzi tub or creating a backyard paradise. Instead, focus on cleaning and removing clutter and debris.
Very few people want to buy a house that is in need of a lot of work. Certainly, there are real estate investors that buy distressed properties, but they won't pay top dollar for houses that are in need of repairs and renovations.
Every realtor I know recommends vacating the premises to improve sale-ability. Rooms appear larger when they aren't filled with furniture. If it isn't possible to move out of the house, it is vital to eliminate all clutter and put personal effects out of sight.
If tenants reside in the home, property owners need to inform them that the property is being listed for sale and provide at least 24 hours notice before showings. Having tenants reside in homes for sale can be tricky.
Some tenants go out of their way to sabotage the sale. They will leave the house dirty or cluttered and might not be gracious to prospective buyers. Property owners may have to wait until the lease expires before placing the property on the market.
There are several tools that sellers can use to determine home values. RealEstateABC.com is a popular website that supplies comparable sales reports, home selling guides, home buying guides, mortgage guides, and lists of nationwide realtors and properties for sale.
HomeGain.com and Zillow.com also provide comp reports, along with lists of realtors, new homes for sale, and foreclosure homes listings.
Sellers that prefer to sell their home on their own may find websites such as ForSaleByOwner.com and FSBO.com to be good resources. Both of these websites offer home value pricing guides to help owners determine their asking price.
Listing property as For Sale by Owner requires knowledge of real estate contracts and state law. It is strongly recommended to work with a real estate lawyer when executing purchase agreements and other contracts related to selling, leasing, or transferring properties.
Maintaining properties is vital for stabilizing home values. While it's never a good idea to invest more into the home than you'll recoup in the sale, it is important to keep the home in as good of condition as possible. This includes giving the home great curb appeal and keeping the landscaping attractive.
We offer additional tips for preserving home values and helping homeowners get the best price for their house in our real estate article library.