Selling a property can be a complicated and frustrating task, especially if you do it alone. If you’re thinking about putting your home on the market, turn to Lucille Hand Real Estate in Ellenville, NY. Our real estate agents will be more than happy to help you through the process.
Home Selling 101
It’s important to know how much your property is worth and what factors affect its value. This information can help you decide whether to sell now or later and guide you in setting a price for your home. In addition, proper research can tell you if your home is appreciating or increasing in value.
At Lucille Hand Real Estate, we can provide you with a comparative market analysis or appraisal performed by a certified real estate professional. A market analysis allows you to compare prices paid for homes similar to your property.
We provide these snapshot analyses as part of our services to our clients. Snapshot analyses are estimates based on local sales and prices at a specific point in time.
However, property values are affected by other factors. Just because a home similar to yours sells for $100,000 doesn’t mean that your property will sell for the same price.
Factors Directly Affecting Property Value
An area with efficient city services, adequate resources, and a thriving business district usually has healthy property values. Other community-related factors that can drive the price of properties up or down include:
The community’s history
The community’s identity
The area’s perceived desirability by current buyers
The attractiveness, security, and location of a neighborhood can result in stable or unstable appreciation of property values.
As a seller, we encourage you to research the school district in which your home is located. You can visit the school district website and request a report to help you determine the value of your home based on the school district.
Libraries, outdoor spaces, activities, and local cultural opportunities can enhance property values.
Research has suggested that proximity to public transportation and access to freeways and roads can boost the price of a property.
Zoning and Planning
When was the last time you reviewed the zoning for your community? Property values are affected by zoning decisions and community development plans.
Factors Indirectly Affecting Property Value
As anyone who has owned real estate post-2008 knows, home prices and sale volume fluctuate with the economy.
Until fairly recently, home prices in the state of New York and other areas near metropolitan cities grew steadily as waves of city dwellers competed for a limited supply of housing.
In 2011, New York was hit by a hurricane. This natural disaster temporarily harmed property values. In addition, recurring problems like flooding, wildfire, and earthquakes can affect a buyer’s ability to obtain homeowners’ insurance. Without this type of coverage, lenders will typically not approve a mortgage.
Is your house reasonably priced and located in an up-and-coming neighborhood? Is the perceived quality of the area declining? These are just some of the questions you need to ask yourself when setting a price for your home.
For personalized assistance with home selling, call us at 845-647-8020. You may also send us your comments by filling out our online form.