The Value of Your Home
The real estate market is a large part of what determines the current value of your home, but it’s certainly not the only thing. There are a few different ways that a property value can be increased, to earn more money on your original investment with a higher resale value.
Single-family homes and properties on the housing market are in higher demand, with many more serious buyers on the rise. This article is designed to help homeowners in today’s market determine the most important factors that affect property value.
Price Appreciation
The first thing we’re going to talk about is something that happens nearly ‘automatically’, that increases your home’s value. The real estate sector calls it price appreciation, and though it is slightly different depending on zip code, the United States is currently setting new records.
Property prices almost always go up in value over time, which is one reason buying a house is a wise investment. The old average held steadily between 3% and 4% per year, even up to 2019. However, a tremendous rise in home sales in 2020 and now 2021 have raised this number to a whopping 14.5%!
Location is Everything
Location, location – we’ve all heard this mantra before. Typically, the location of our property isn’t something we can change. If you are near good schools or are in a particularly sought-after school district, or have nice shopping malls nearby, this increases home value for your particular area.
Conversely, if you’re near a busy street or in a neighborhood where economic factors come into play, fewer people are going to be interested in these properties. Property value in areas with significant economic indicators, such as poverty and higher crime rates, often declines.
Size Matters
When it comes to home sale prices, size matters – per square foot! A very common guide for pricing homes uses square feet to calculate the number. Buyers can take listing prices and divide square footage totals into them, to roughly figure a home’s price per square foot.
Buyers want more usable space, so turn unfinished basements into an extra downstairs bedroom! This adds more usable square footage, while also adding the value of an additional bedroom. It is one of the major factors that affect property prices that you can change.
Add Energy-Efficient Features
Another one of the biggest factors you can influence to increase your home value is making it more energy-efficient. This is also a way to improve your own experience in the home at the same time. The current market demands climate change to meet the needs of the future.
Solar panels positively impact property prices, and benefit the environment too!
Another idea is a smart thermostat, which saves money on utilities every single month. Factors like these can fetch you a higher price for your real estate.
Other Home Improvements
In addition to the other factors we’ve been discussing, there are a few other things that can impact real estate sales prices, such as curb appeal. Fix up the outside of your house so it looks inviting, charming, and manicured.
Sellers often underestimate the power of curb appeal. Keep in mind, this is any potential buyer’s first impression of the home, as well, and we all know the importance of those!
In addition, more buyers prefer open spaces, so remember: less is more. Get rid of what you can before any showings, and keep the only minimal design. Buyers want to imagine their belongings in the house, anyway. Upgrade outdated features so they don’t become embarrassing albatrosses.
Interest Rates
The real estate market fluctuates depending on a variety of factors, one of them being interest rates. Mortgage rates are typically heavily influenced by the current economy. Real estate investors are looking to make more money on their investment than it cost them in the first place.
Properties sold recently on the open market have been selling at top dollar prices, due to such record low-interest rates and other factors (post-pandemic). It is therefore a great time for selling as well as for buying land and real estate.
Additions or Features
Most homeowners who are looking to increase the value of their investment want to know two main things. The immediate (out-of-pocket) cost, and how much more they can expect buyers to pay for that cost, at resale.
For example, adding an in-ground pool is a great investment, especially if you live in a warmer climate. Not only do you get to enjoy the luxury of lounging around the pool with your friends and family, but you’ll get an extra 5% – 8% increase in your home’s value.
Smaller Projects with Value
There are smaller projects you can tackle that you won’t have to pay as much for, but can still accomplish noticeable results. For example, putting a fresh coat of paint on the outside of your house can increase the curb appeal immensely, and give the impression of newness.
If finances are thin, at least paint the front door, maybe add a nice new doorknob or door knocker, and a cheery new welcome mat. Add a hanging plant on the porch near the door. Make sure the lawn is mowed and the yard is nicely landscaped.
If You Just Need to Sell Fast – Contact Sell Your House Fast Mississippi
But if you find yourself in a situation where you need to sell your house fast, even if only for the simplicity and efficiency of the process, contact Sell Your House Fast Mississippi. We are cash home buyers with integrity, and we want to make you an offer to pay you a fair cash price today.
When you fill out the short form on our homepage right here on this website, a cash buyer will be in touch soon to make an appointment to see the property in person. At that time, they will make you a no-obligation, free cash offer.
If you agree, you could have your money in as little as a week or two. We buy houses in as-is condition, and we never charge a fee or commission of any kind. So remember Sell Your House Fast Mississippi when you just want your house sold fast.
