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What Factors Determine Your Home’s Value

If you’re like most homeowners, you’ve probably got a decent idea of what your home is worth whether or not you’ve been considering a sale. However, there are many variables which you may not have taken into consideration – and if you’re going to sell, you need to be as informed as possible. Let’s take a look at a few of the factors that determine your home’s value and steps you can take to improve them. When you’re ready to have your home evaluated by our real estate professionals, call our offices at (608) 622-SOLD.

 What Factors Determine Your Home’s Value

The Overall Condition of Your Home

We’ll start with the most obvious: the overall condition of your home. It is the most important factor that drives value. If your house, foundation, and surrounding property are well-maintained and in an excellent state of repair, you can rest assured that your home’s value is secure. If, on the other hand, your home has walls that are suffering mold damage, a foundation riddled with cracks or a garage that looks like it will be flattened by the next stiff breeze – you may end up with trouble closing the sale.

Bedrooms and Bathrooms

The quantity and quality of the bedrooms and bathrooms in your home is an important factor that buyers will be digging in to when making their final considerations. Spare bedrooms are important, as are additional bathrooms – especially when you have three or more bedrooms. These areas are worth investing some time and money in prior to the sale, as paint, lighting and new fixtures won’t break the bank, but are sure to add resale value.

The Local Neighborhood and Its Amenities

Another key factor that buyers will take into consideration is the community around your home. Are you near the University of Wisconsin Arboretum and its many trails (perfect for retirees that love a good nature walk) or perhaps in Middleton or Monona (closer to one of the lakes for those that are interested in water views)? Give some thought as to what you love about the area surrounding your home, as buyers are almost certain to ask. While there isn’t much you can do to make improvements to the community at large prior to your sale, be ready to highlight the positives about the area and do what you can to show off the local amenities, whatever they may be.

The Local Real Estate Market

Nearby real estate transactions and available inventory will play a small role in determining your home’s final value. If you home is in a prime location and there is few homes for sale around it, you’ll be in a better spot than if there are numerous homes in the area up for sale and prices are stagnant.

Finding that delicate balance between a high selling price and one that’s competitive enough to attract a decent amount of buyer attention is a challenge you won’t want to face alone. When it’s time to sell your home in the Madison area, there’s no better team than Nicole Charles & Associates. Contact us at your convenience at (608) 622-SOLD and we’ll show you why. Thanks for visiting and we look forward to welcoming you to our family of clients!

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