Whether you’re considering selling, refinancing or neither, it’s always important to know what your home is worth. So what actually goes into determining home value? These are the key factors we look at when we assess greater Seattle area homes.
Location, Location, Location
The age-old mantra in real estate holds true – location plays a pivotal role in determining your home’s value. Proximity to schools, amenities, public transportation, and safety are significant considerations. Homes in desirable neighborhoods often command higher prices due to the convenience and quality of life they offer.
Size and Layout
The size of your home and its layout are fundamental factors in assessing its value. Larger homes generally have higher values, but efficient use of space and a well-thought-out layout can also contribute significantly. The number of bedrooms, bathrooms, and the overall flow of the home are critical aspects that appraisers and potential buyers consider.
Condition of the Property
The condition of your home directly affects its value. Well-maintained properties are likely to have higher appraisals and attract more potential buyers. Regular maintenance, updates, and renovations contribute positively to your home’s overall worth. When we tour buyers, the key items of concern are the following: the age of the roof, the condition of the HVAC system, and the state of appliances and water heater and sewer system.
Upgrades and Renovations
Investing in upgrades and renovations can substantially increase your home’s value. Modern kitchens, updated bathrooms, energy-efficient features, and smart home technologies are attractive to buyers and can set your home apart in the market. Keep in mind that not all upgrades provide a positive return on investment, and that’s why we like to tour a hone and offer a listing scope to help decide which areas will offer the greatest return.
Market Trends
The real estate market in Seattle is dynamic, and home values can be influenced by broader economic trends. We’ve seen a shortage of inventory in the last few years that has greatly impacted buyer demand and subsequently home prices. Interest rates of late have also had an impact on potential home values.
Comparable Sales (Comps)
One of the most common methods used to determine a home’s value is by comparing it to similar properties that have recently sold in the area. These comparable sales, or “comps,” provide a benchmark for assessing your home’s market value. Factors such as size, condition, and location are used to select comparable properties.
How we determine what your home is worth.
We use the value factors to create a comparative market analysis of your home:
- We like to do a walk-through of your home to make note of upgrades and areas that could use improvements.
- We provide a listing scope, which includes the list of updates we recommend and the associated costs to complete them.
- We also recommend that before you list your home that you complete a pre-inspection so that you become aware of any unseen issues. It gives you a chance to repair any issues and make sure there are no surprises during the buyer inspection phase.
- Once you are ready to get started, we enlist our team of service providers to help you expedite your updates, repairs and home clean up.
Want to learn more about us? Click here to read about our team. Click here to read more about how we work with sellers and to see before and after photos of our listings.
