If you are considering selling your home, you may be wondering how your home will really do in relation to the market. Although our market as a whole has been more favorable to sellers in the last few years, demand for an individual property will vary depending on supply of each particular type of home – price point, amenities, challenges, etc.
For example, if a home is in a higher price point, doesn’t have a garage, has a dated kitchen, is on a steep hill, is a far drive into town, etc, the listing may be affected by lesser demand because there may be fewer buyers who can buy that type of property. Everything about a property that causes the potential buyer pool to shrink must be taken into consideration when determining how to price and market a property. Likewise, homes that are expected to have large demand due to popular floorplans and updates have a wider buyer pool and should also be priced and marketed accordingly.
When you are ready to sell, I will review your home from top to bottom, looking for features that provide value for a potential homebuyer. A finished basement? That increases the value. Spare space in the garage? That will also increase the value.
I will also look for things that will shrink the buyer pool which will cause a home’s value to decrease. Deferred maintenance, older systems such as an older water heater or furnace, awkward floorplans, a lot of stairs, older roof or even a dated color palette may be more than some buyers want to deal with and therefore, the market price will need to reflect the lesser demand unless these are things that are going to be corrected before a home goes on the market.
It is also important to look at current buyer trends to determine features that might increase or decrease demand for the home. For example, large lawns are starting to go out of favor with certain buyers who want less maintenance and to reduce water consumption, but just a few years ago, they were all the rage. Demand for large home offices and big entertainment centers is also waning with our changes in technology. Have an updated master suite with a steam shower and updated shower heads or smart home technology? These are currently in high demand and the market price should reflect that positively.
Additionally, the new generation of homebuyers (Millennials) have different needs in their homes than previous generations so we can continue to see buyer demand shift in the coming years.
Want to know more about market demand for your particular type and style of home? Just give me a call at (206) 762-0682 or send an email to email@example.com. I’ll show you how I determine the market value of your home based on supply and demand.