Request an Estimate of Your Home’s Value:
I will use the information you have provided and contact you with comparable properties sale history for your neighborhood and an approximate estimate of what your house is worth. If you are thinking of selling your house and would like to discuss a more precise estimate, I will contact you to arrange a tour of your home.
What factors affect the value of your house?
3 things. Location, location, location. You hear it all the time but the age-old expression is true, especially in the DC Metro Area. But what else affects the value of your house?
In order to understand how much a house is worth, real estate agents look to see what buyers have been paying for similar homes because, after all, it is the buyer who determines the value of a home. You can only sell a house for what a buyer is willing to pay for it.
Looking at comparable homes in the neighborhood is a good start.
Location – Is the house in a sought-after neighborhood? Is the house near transportation, good schools, or walking distance to restaurants?
Size – The amount of space desired by buyers varies by location. In addition to the size fitting the buyer’s needs, does the layout work? Most buyers today like open-concept living.
Condition – Have you been taking care of your home or are there a lot of deferred maintenance issues? Are the systems (HVAC, water heater, etc.) old? When was the roof last replaced? Have the windows been replaced? Have you upgraded the style and design of the house since its construction (have the kitchens and bathrooms been upgraded)?
When renovating, there is a balance between upgrading for your taste and for the general market. There is also a balance between what is expected by buyers in a specific price bracket and/or location, and over improving/not receiving a good return on investment for your renovations. (Note, if you are thinking of renovating your house to get it ready for market, talk to a real estate agent first to see if you will likely receive a good ROI for those projects.)
Other features or proximity to something can also affect the value. Is there parking? Does the house have a pool? Does it back onto a highway? How close is it to the metro?
It is also important to look at what is going to happen to the neighborhood in the coming months and years, such as expanding transportation, like the Silver and Purple metro lines and the ICC. Are they going to build a cell phone tower in your backyard? Will a brand new development block your view? Understanding what is happening and what will happen in the market is key.