Sep 15, 2010

5 Top Factors that Affect the Value of your Dallas Home

  1. Location – This is the most important factor in determining the price of your home and it is best to be in the middle of the pack. By that, I mean that you need to keep pace with your neighborhood. You don't want to be the most expensive house on the block, but don't be the worst either. Think of your neighborhood like a car brand. If you live in a Honda neighborhood, you can't put a ton of money into the property and call it a Lexus. Likewise, you don't want to devalue your property with Hyundai features.
  2. Timing - Timing is everything. This means current market conditions, the competition, availability of mortgages, time of year, how quickly you need to sell and the overall economy. Also remember that the real estate market is cyclical. In Dallas, the market swings up in March and peaks in July. The market also cycles in 5 to 8 year peaks and valleys. On average, Dallas homes sold for more in 2006 that they did in 2003 and 2009. And prices will rise again from today's lows.
  3. Square Footage - In Dallas, homes are often priced by the square foot. Keep in mind that the ideal square footage varies by neighborhood and varies each decade. Thirty years ago, 4,000 square feet was large for North Dallas. Ten years ago, there was a big demand for homes over 7,000 square feet. Today, I hear buyers asking for between 4,000 and 6,000 square feet in our area. The number of bedrooms and floorplan are important and the size of the lot is a big determinate in pricing as well.
  4. Condition - This includes the overall condition of the house, improvements, quality of construction, and age. Typically sellers fail to understand that buyers don't have vision. They can't imagine the house with different paint, flooring or staged any way other that what they see in front of them. Most of today's buyers want a home in pristine condition and move-in ready. If you don't want to fix it up, plan to deduct at least twice the cost of the repair or upgrades needed to sell your property. Buyers usually think improvements and repairs cost more than they really do.
  5. Curb Appeal - You have to get people inside in order to sell your house. Many a buyer never gets in the front door due to lack of curb appeal. The exterior and landscaping sets the tone for the style and design of your house. This is where the details matter. From sparkling windows to a freshly painted front door, you need to draw the buyers inside. Remember your online 'curb appeal' as well. The photos of your property must be high quality and appealing.  [where: 75230]

1 comment:

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