If you’re looking to sell your home, there are a number of important factors to consider that will affect your success in finding a good buyer. This Surrey house cost estimator will help you determine an accurate price for your home. Housing market trends, the neighborhood, home upgrades, and even the time of year can make a big difference in what you get for your property. The following are a list of factors to keep in mind, if you are wondering “what’s my Surrey home worth?” Keep in mind that these factors are frequently volatile, and may change the appraised value of your home on a month-to-month basis. An appraiser will keep abreast of current trends and be able to give you the most up-to-date value on your home, which a real estate agent can then use to help you sell it. There are also things one can do before an appraiser looks at the place, to increase its worth. The following are some tips and guidelines to help you make the important decisions over when and how to sell your home.
When is the best time to sell?
Perhaps you are relocating to a new city or country; perhaps your family has outgrown the space you have; or perhaps you are downsizing. In some cases, the prime time to sell will be out of your hands, as life will inevmoved from MLS. Call us to find out the sold price. itably throw us curveballs that require immediate action. However, keeping these factors in mind, it is good to know when the conditions are most ripe to put your home on the market.
The best time of year to sell is usually the spring, with the months of April and May being optimal. By this time of year, people are no longer focused on the holidays but not yet taking their summer breaks, leaving them time to look at homes. Foliage that is blooming in spring will also make homes look more attractive to potential buyers. If you have the means, you will want to put your home up for sale during a time when demand is high, and demand generally spikes 15% higher during the spring than at any other time of year.
Neighborhood also makes a big difference. Surrey home prices, like those of any other neighborhood, are not static; they will depend on the relative condition and popularity of the community. Nearby property values will have a significant impact on your home’s worth, as well as its proximity to good schools, parks, and businesses. Is your home in a convenient place to raise a family? Within walking distance of a grocery store? Similarly, negative impacts like a high risk for natural disasters and/or high crime rates will adversely affect your home’s value, which can change its overall assessment quickly. For example, if a previously-safe neighborhood experiences a rash of crimes that make the local news, you can bet that property values will fall. Fires, floods, and other disasters in the area can also affect home prices; these situations can affect pricing on a month-by-month basis, so one should take these factors into account when considering the right time to sell—if a fire has just torn through half a block nearby, it’s probably best to wait a few months before putting your house on the market.
What can I do to my home to increase its value?
Property upgrades can definitely increase a home’s value, but one must be careful not to choose upgrades that will have little impact, or even a negative impact, on its assessment. If you’re going to start an upgrade, the best areas of the home to begin with are the kitchen and bathroom. The number of bathrooms tends to be something potential buyers look at, so adding a new one can make a positive difference. Keep the renovations simple, and do not choose new designs that significantly clash with the style of the rest of the house. Similarly, if planning to add rooms, make sure that the new architecture is consistent with the existing exterior. Anything that sticks out like a sore thumb, both within the house or in comparison to other homes in the neighborhood, will not be appealing to a potential buyer.
The value of ground-level and upstairs areas of the home are also worth much more than below-ground areas, which will make an improvement to the attic worth more than a basement upgrade. Wooden floors are a popular addition to many homes. Landscaping work can make a big difference, as the eye is naturally drawn to a handsome front or back yard, therefore increasing sales potential. Resist the temptation to make the home too large, gaudy, or expensive-looking for the neighborhood, or its property value may actually go down.
Before any cosmetic improvements are made, however, inspect your home for possible damage that needs to be repaired first. Plumbing and electrical systems are often an issue with many homes, and upgrading these could greatly add to your home’s value (or at the very least, prevent a sizable downgrade). Check for termite infestations, water leaks, and faded paint work—a simple paint job can add much value. Mold can be a serious, life-threatening issue that will plummet your house’s worth, so make inspecting all areas for mold (hiring a professional is best) a top priority. If you have “popcorn” ceilings, have them updated to a more modern style, as this will be a potential turn-off to buyers. Old, outdated washing machines, microwaves, and sinks should also be upgraded for maximum value. The aim is to make your home feel as new and contemporary as it can possibly look, unless antique historical value is a selling point (and even here, certain upgrades such as a fresh paint job are still worthwhile).
Whatever improvements are made to your home, make sure and keep all of the relevant paperwork, so that the records can be shown to an appraiser. Before and after photos of the upgrade will also provide a dramatic contrast to show off to potential buyers.
How does the market change the price of my home?
The housing market is frequently volatile, and will certainly have an effect on the price of your home. The financial crisis of 2008, when the housing bubble burst, provided the most dramatic example of market forces (as well as fraudulent practices) leading to a major crash in the American market’s overall value, sending many home equities underwater. While such major crashes are still rare, fluctuations in supply and demand do have a consistent impact; therefore one should keep a sharp eye out for where the market is, when considering the right time to sell their home. Often, figuring out where the market is at any given time is difficult for the average person and will require the services of an appraiser or real-estate agent.
Many people believe that changes in interest rates have an effect on housing prices; ie. higher interest rates make homes less affordable and therefore harder to sell. However, there is no direct correlation between interest rates and pricing, and in fact higher interest rates are usually a sign of a strong economy and therefore more willingness to purchase property. Therefore, one should look at the strength of the overall economy as a whole, rather than any specific interest rate change.
How do professional appraisers calculate the value of my home?
A professional appraiser will find the value of your home by taking into account three primary factors. A typical Surrey house price valuation would first involve a detailed appraisal of the physical and functional characteristics of the property: the total square footage, number of rooms, number of bathrooms, number of floors (including basement), front and back yard sizes and upkeep, the age of the home, the style of architecture, any upgrades, and overall strength of construction. The age of the home can work either for or against the property; very old and very new homes will have greater worth, since older homes have historical value and newer constructions will be less prone to deterioration. Homes aged somewhere in between these extremes (say, 20-60 years old) will not be appraised as high.
If an appraiser visits your home in person be careful not to follow them too closely, watching their every move, or they will become suspicious that something is wrong with the place. Also be sure and keep your home smelling fresh—put in a few extra plants, clean out the litter box, and always have air freshener in the bathrooms.
The second factor taken into account in any Surrey home value assessment, will be a thorough comparison of your home to recent comparable sales with similar homes in the nearby area. The way in which your home stacks up to homes of similar size, architecture, and construction that have recently sold will make a significant impact on the final valuation. Similarly, the value of other homes in the general neighborhood will be taken into consideration, as well as the convenience factors of the area which were discussed earlier (proximity to parks, schools, shopping areas, and a low rate of crime or natural disaster occurrences). This is where the skills of a professional appraiser will come in especially handy, as the value of similar homes in the area can fluctuate without notice, and an appraiser will have the most current information at their fingertips. Knowing the information given by an appraiser will allow you to decide an optimal time to put your house on the market.
The final factor taken into account in a Surrey house price valuation, will be an assessment of current market conditions. The overall strength of the economy, housing demand, time of year, and other market factors will be calculated against the physical condition of your home, and the value of similar homes in the area. The final estimation is a combination of all three of these factors, and will give you a guide to moving forward from there. A proper appraisal will be able to tell you how much your home is worth, but frequently, a professional realtor is also needed to help make the final sale.
Should I hire a professional realtor to help sell my home?
It is possible to sell your home without a professional realtor, but it is not recommended. 90% of all sellers use a listing agent, who have experience in marketing your home and negotiating the best price. Having knowledge of the housing market, neighborhood trends, competing listings, and other volatile factors requires being up-to-date on a virtual daily basis, which is the agent’s area of expertise.
A real estate agent can help you market your home by making sure it is at its most presentable, taking professional photographs that highlight the best areas of your property, and showing the home to potential buyers. The agent can also vet potential buyers for you, so you’re not wasting your time. Most importantly, once a buyer is found the agent can make counter-offers in the negotiation process and track all the paperwork, easing the headache of the purchasing process for the seller.
When settling with an agent, it’s best to sign a relatively short contract, say for 30-60 days; that way you’ll be able to tell quickly whether the agent is doing their job effectively, and have the option of moving on if they are not. It takes most homes an average of four months to sell, and up to six or more months if the market is slow, although some can also be sold in a matter of weeks.
Before you look for an agent, however, it is imperative to get your home appraised first. It is only through appraisal that you will be able to know if your property is worth selling, and only an appraiser has the accurate means to look at every factor currently affecting your home’s overall value. Here you can get a Surrey online house valuation free of charge, to help you make this very important, life-changing decision.