Deciding what price sellers should ask for their house is an inexact science. Everyone wants the most money, of course, but listing too high may limit the number of buyers willing to make an offer. Comps won’t always provide the right number, as professional home appraisers say owners often don’t take into account some subtle but important details. Here are four things owners and agents should take into consideration in order to price a home correctly.
Square footage is not all the same
One house with 1,800 square feet can be much more valuable than another house close by with the same square footage. One can have a better view, nicer landscaping, etc. Also, some unspecified square footage, such as an unfinished basement, would not be nearly as valuable as a finished basement.
Age and location (location, location)
The cosmetics of a home can be spectacular, but two things that will never change are the age of the home and the location. Newer is almost always preferred by buyers. And nothing can change location, so a house being across the street from a highway or too close to a flood zone can negatively impact its appeal.
Multi-story homes are not optimal
While perhaps not so much a major negative, not a whole lot of homebuyer hopefuls seek houses with three or more levels. Ranch homes are a must for those who cannot deal with stairs due to age or physical limitations. Additionally, parents with small children likely won’t want their bedrooms more than one floor apart.Â
An eyesore home next door
There’s not much an owner can do about direct neighbors who do not take care of their homes. Or ones who may take care of the inside but not the outside, because the outside is what prospective buyers will see. It’s unfortunate, but the reality is that a weed-filled, neglected outside of a neighbor’s home can affect the value of yours.