Every single day, thousands of homes are sold across the U.S. The reasons people have for selling their homes are as plentiful as the reasons people have for buying a particular home. Some need to move for work, while others may want to downsize their space after the kids move out. Regardless of their reasoning, most would like to get the most from their sale as possible to prepare for life’s next chapter.
As a leading real estate firm in El Paso, Limelight Real Estate Firm has worked with many homeowners to prepare their homes for sale. Early in the process, clients often ask about the factors that determine how much their home is valued on the market and how they can be influenced. We understand the residential selling process can be confusing, so we do our best to explain the ins and outs.
In this blog, we will briefly detail the main factors that determine a home’s value and how you can produce a home that will sell!
Looking to sell your home in El Paso? Our real estate agency is ready to help. Give us a call at (915) 275-4220 to get started!
Factors That Determine Home Value in El Paso
Neighboring Homes
One of the first things an El Paso real estate agent will do when determining the value of a home is to look at the sale value of homes in your area. You may be aware of the cliche homeowner being mad at a neighbor for selling their home cheaply, but this is why there’s truth to it.
Of course, one home near you selling below or above market value won’t necessarily cause your home value to yo-yo. Agents and brokers will look at an average selling price for your style/type of home over the past several years to get a more measured value estimate.
Location, Location, Location
Location considerations are a huge part of buying a home in El Paso, so you should expect your home’s value to be measured by this metric. Is there easy access to good schools or grocery stores near the home? Are there any attractions like parks, movie theaters, or the like nearby? The answers to these questions could add a great deal of value to the home.
Home Size & Space
Another significant factor to consider when selling your home is its size and total square footage. For potential homebuyers, this is a huge sticking point. If they have a large family, for example, a two-bedroom home simply won’t be an option.
The size of the home also applies to the exterior as well. Do you have a sizeable exterior area that future owners can enjoy? Homeowners will appreciate a nicely-sized area to play with pets or host cookouts with family.
Upgrades & Additions
Any upgrades, additions, or other home improvement work applied to the home could also influence the overall value. Not all upgrades or improvement projects will net considerable value to the home, so you should consult your real estate agent before committing to expensive projects.
Home Age
The age of your home is also a factor considered when finding a fair value for your home. Age is pertinent for a number of reasons. First, infrastructure like the roof, paint, HVAC, and appliances (if included) could be aging and be in need of repair or replacement soon. If homeowners need to make major investments soon after purchasing the home, it could affect the selling price.
Also, older homes lose energy efficiency over time. Cracks, holes, and other signs of aging can make it more difficult to maintain a steady temperature, meaning more money is spent on A/C or heating. These costs can add up over time.
Contact Limelight For Your El Paso Residential Home Sale!
While this list features some of the biggest factors determining home value, we left out others like interest rates, local/national economic trends, and more. Nonetheless, now you should have a much stronger idea of what gives your home the value it does.
Considering selling your home soon, or simply want more information on the topic? The real estate experts at our firm would love to help you! Contact our office today at (915) 275-4220 to learn more about our residential selling services in El Paso!
