One of the biggest issues related to selling a home is that the owners want to maximize the payout of their sale. Of course, who wouldn’t? Setting a realistic price can be difficult if they want to quickly move to contract.
While your house may be worth a much higher price, it can take a longer time to find a buyer, and if the price is too low . . . well, that’s just an all-around huge mistake. As a seller, should you remodel and install granite countertops, fancy stainless steel appliances, or should you spend that money elsewhere?
All this wondering can cause unwarranted anxiety, so let’s look at what things really can add to the final sales price of a home.
- Smaller homes are appreciating faster. This is driven by the two largest and most influential buying groups – millennials and baby-boomers. Affordable starter homes and downsizing.
- Extra bedrooms are not a desired feature. Houses with five bedrooms appreciate at a lower rate than those having less. These buying groups are not looking to spend money on empty rooms.
- It’s one thing to prefer a small home; it’s quite another to have a home that feels cramped. How do you make a small space look bigger? Knock down some walls and open it up! Homes with open floor plans appreciate 7.4% a year. The great thing about an open plan is its flexibility. Folks of all ages enjoy having a larger space for entertaining. Parents can safely watch their 3-year-old play while preparing a meal in the kitchen area. Older people who have mobility issues find it easier with fewer twisting corridors to navigate.
- Modern architecture is to real estate as Apple products are to personal technology. The style enjoys wide popularity, especially in the South, because it’s homey, practical, and often affordable, Niche traditional styles, like Craftsman bungalows and Victorians, may tug at the heartstrings of history buffs, but tend to leave regular buyers unimpressed because they are usually associated with high maintenance costs.
- We’ve all heard the expression “location, location, location”, because it’s true. The current trend that buyers most want to be close to is public transportation. Homes near train stations and bus stops appreciate faster. Homes near schools, especially schools with keywords like “top” and “best”, also come with an inflated price tag. Homes with a view of the park increased at a higher rate than those looking over a golf course, ocean or lake, or even a mountain scene.
While there may be nothing you can do about location, there are other ways to make your property more desirable. Converting that garage into a bedroom is not the answer if you want to tap into the largest group of buyers and sellers in today’s real estate market – millennials and baby-boomers.
Deon Cannon Realty are professionals – and they’re here to serve your real estate needs. Call them at (404) 630-2985 and they’ll work with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.
