When your realtor assesses your property you will probably be curious as to how a home’s market value is determined. Often, a seller’s idea of the value of their home is very different from the price the realtor recommends.
Here are the top 5 factors that influence the market value of your property:
Location is undoubtedly the top factor in arriving at a market value for any property. A dated and poorly maintained home in the center of a prime residential area can be worth more than a cottage that’s in perfect condition, but located in a less desirable area. You can renovate a house almost endlessly, or even knock down and rebuild, but you cannot change the location of the lot.
2) Size and Features
A five-bedroom mansion with a triple garage, in-ground pool and half an acre of land will be worth more than a two-bedroom condo in a comparable area.
The quality of your kitchen is the number one interior feature in determining the market value of your home. It is the heart of most homes, and investing money in a quality kitchen is always a good idea.
After the kitchen, your home’s value will be most influenced by the number, and quality, of the bathrooms. Taste is subjective, but quality of fixtures and finishes is of paramount importance. High-end bathroom fixtures and finishes send the message that your home has had significant money and thought invested in its design, and will not only push up the asking price, but also attract more offers from potential buyers.
A home that is beautifully decorated, has great curb appeal, and is nicely staged will automatically attract higher bids than a home where these aspects have been overlooked. Don’t forget that your potential buyers will be seeing many other properties, so yours has to sparkle to make an impression.
Contact us at HennepinCounty-HouseValues.com before you hire a Minnesota realtor. We’ll walk you through the process of maximizing your home’s market value. Fill out the form below to get started.