Pricing your home appropriately can be a tricky thing to accomplish, and there can be a whole host of factors that interested buyers see as reasons to lower their offers. In order to help pinpoint exactly where your home’s market value may lie while keeping an eye out for nasty surprises, here are 5 things that can decrease the value of your Austin home without you even realizing it.
High Local Inventory
One of the simpler things to understand is that your local market is always affected by the amount of competition between sellers.
If there are a lot of homes being sold at the same time, this provides more options and possibilities for buyers and can decrease the value of your listing. Even if they would choose your house over the others that are for sale in their price range, having a Plan B on the table means they can walk away and still meet their needs by dealing with another seller.
It’s important to set you and your property apart from the competition by presenting an excellent experience for any buyers coming to see your home.
The Surrounding Neighborhood
Most owners get so caught up in trying to make their home look spectacular that they forget how much the location of their home can influence a buyer.
Our homes don’t exist in a vacuum, and that means your neighborhood is always going to impact your property’s value. Ease of access to shopping, major commuter routes, and emergency services can all play a role in this. And, of course, we can’t forget about the school district in which your property lies.
The reputation of your local schools can make or break some sales, so make sure to highlight it if your home is in the district of a well-rated and respected school.
Your Style Choices
Sometimes owners can get caught up in decorating their home a certain way without regard for how it may or may not appeal to buyers.
Going overboard and stuffing planters with colorful flowers could look beautiful to you but may appear disorganized and kitschy to someone else. An even better example is the constant recommendation from real estate professionals to repaint a for-sale home interior in neutral tones – avoiding harsh, high-contrast accents.
If you find yourself preparing to do any sort of overhaul in or around your home, don’t ask yourself if you like it so much as if everyone would like it. After all, a key to selling a home is maximizing the appeal of the total package.
There are few things that can decrease the value of your home faster than the discovery of fundamental infrastructure issues.
Sitting on an HVAC system or roof that is past its prime with the sole intent of not having to pay for it yourself could translate to that cost being chopped off each and every offer you receive.
When selling a home that you’re aware is in need of serious improvements, don’t try to hide them, be upfront, and keep that in mind through negotiations. Buyers gaining trust in you is part of selling a home and they aren’t going to feel confident moving forward with you if they discover you’re intentionally hiding things.
Major home improvement projects tend to be focused on the kitchen or bathroom, but keeping the end results in line with the rest of the home is important.
A seller that invested heavily into a total kitchen renovation may end up with a stunning kitchen that then feels completely alien to the remaining parts of their property.
Style cohesion does matter to buyers, and they don’t want to feel they’re being sold an overpriced kitchen or bathroom with the lesser bits of a home tacked on.