When one home in any neighborhood of Montclair sells, the curious cat in all of us can’t help but wonder - “what did it sell for?” It isn’t at all about being nosy and it is your business to know, because each sold home affects the value of your home. Even if you aren’t selling and don’t plan to sell in the near future, home prices affect more than value at sale time. Home prices affect the property taxes you pay. Being aware is being prepared.
If you are curious what your property would be worth should you choose to sell, determining the value takes many facets into consideration. Ultimately, a home is worth what a buyer is willing to pay and a seller is willing to sell for. Pricing right based on accurate market data is just one of the ways your local marketing specialist serves your real estate needs.
Getting to those numbers, the main factors to weigh will include:
- Square footage, which should include living space and unfinished areas such as the basement, attic and attached garage
- Condition of the home is a main concern, especially the roof, siding and foundation
- Landscaping and outdoor areas such as a deck, patio and any outbuildings
- Functionality of the layout and size of interior rooms and closets
- Renovations and upgrades to appliances, flooring, hardware, heating and cooling systems
Location - urban, suburban, with or without views; where the home is located will impact the value a buyer attributes to the property
Current market conditions and recent sales of similar properties will be taken into account as well.
Details specific to your real estate marketplace are part of the essential conversation with your local marketing specialist.
Desirable features buyers are specifically seeking in the current marketplace will play a part in setting a market value that isn’t too high or too low. Some buyers will be eager to make the home their very own, by doing some work themselves, like choosing paint colors or installing new flooring. Others want a move-in experience where they don’t make any changes at all.
Thanks to easy internet access, most buyers will check those elements that are of paramount importance to them in advance of touring your home. Some of these items will typically include:
- Public transportation availability
- Commute times they can expect
- Crime statistics
- Shopping and entertainment facilities within walking distance or easy access
- Amenities such as gyms, childcare or other desired activities
Schools are one of the most popular reasons a property buyer chooses a certain geographic area to conduct their home search.
Overestimating your properties value could see your home sitting on the market longer than necessary just as underestimating could leave equity earnings on the table at closing.
Get preliminary data on available homes in the market now, and an idea of values in the area by visiting: https://www.njrealestatehomesearch.com/search/advanced_search/