Maybe you’ve been keeping an eye on the home prices and sales around Nashville lately and are ready now to list yours. Perhaps you even feel quite confident in what kind of asking price you want. After all, homes are going for more than their list price within days. Should be a slam dunk right?
Well, maybe. A lot depends on home value. Obviously as the home seller, you would want to get top dollar so let’s look at features that determine home value.
Yep, there’s a reason for that classic “location, location, location” saying in real estate. Turns out home buyers are very interested in how close a home is to things like good schools, community, grocery stores, etc. Location also has to do with the overall quality of the area where the home is.
Size and layout
Square footage is an important part of home value. While home buyers may not want the biggest home on the block, larger homes in the same neighborhood will typically have higher home values. This is especially true for bedrooms. Also, a home with an open layout will feel bigger and more spacious than one with a similar footprint but more closed layout. In other words, fewer but larger rooms mean higher value.
Age and condition
It’s interesting to note that historic homes and new homes will both typically have higher home values than homes built in between. New homes are generally valued higher than older ones. Then, once a home has become old enough to have “history” it seems to become more valuable again.
The condition of the home will still be a huge factor. Home buyers would rather pay more for a move-in ready home that’s been maintained and well-kept.
Renovations and upgrades
While home buyers love renovations and upgrades in homes, there’s a limit to what they consider worth it. If your home is loaded with over the top upgrades, while others in the same area are more modest, you won’t recoup all the costs of that renovation.
If you are considering making changes to your home before listing, consult with an appraiser to see just what home repairs are worth making.
There are certain events that will affect the home value. Things like mold, fire, flood or violence make a lasting impression and lead to lower home values even when in restored condition.
If you are considering listing your Nashville home, speak with one of our award winning agents at DeSelms Real Estate 615.550.5565 today to help determine your home value.
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