10 Factors influencing the value of your home

We are all living in this turbulent economy.  So the question to ask is,  "How is this economy effecting the value of our homes?"  Below I have outlined 10 factors and how the effect our home's values.

1. Interest rates: The lower the interest rates, the more buyers can afford to pay. Interest rates are still extremely low today.

2. Supply and demand: Are ’for sale’ signs springing up all around the neighborhood? If there are a number of homes similar to yours on the market, consider them your competition. What can you do to set your home apart and make it desirable for a majority of potential buyers? On the other hand, a small number for sale can result in competing bids that send prices up.  Pay attention to both For Sale by Owner signs are well as real estate company signs.

3. Economy: Is the economy improving or sliding? This will affect buyers’ confidence in their ability to manage debt.  The soft economy we are in has many consumers keeping a watchful eye on their spending.

4. Location: Are you in a desirable neighborhood, with key services such as schools, doctors, and shopping nearby? Are there factors that make your neighborhood less desirable, such as environmental issues or traffic problems?

5. Condition: Have you updated features and kept up with repairs? Is the house clean? Does your house make a good first impression? (This is called "curb appeal.") How much can you reasonably do to fix it up for sale?

6. Timing: Do you need to sell quickly or can you choose your time?   If you need to sell quickly, you may have to sacrifice price to do so.

7. Size: Will your home appeal to a growing family or to those who are downsizing?  There is a trend today away from the McMansions that have been so popular over the past 10 years.

8. Amenities: Does it include features that are popular, such as low-maintenance landscaping or granite counter tops?

9. Terms: How flexible are you with respect to the sale? What’s excluded? If you are downsizing and have substantial equity, have you considered offering financing? Carrying financing can make your home very appealing and help you sell for the maximum price.

10. Attitude: How committed are you to selling now?

If you would like more information on the current market  value of your home feel free to give me a call or send me an email. 

Steven Kleiman is CEO and Founder of Houston based Oakington Realty, which specializes in “Inner Loop” homes as well as urban-in-fill properties, working with buyers, sellers, developers and homebuilders. Steven is a member of the National, Texas and Houston Association(s) of Realtors®. Readers comments welcome at 713-875-9040 or steven@oakingtonrealty.com. Follow Steven on Twitter at https://twitter.com/StevenTXRealtor.