The Kodiak Bear group is committed to providing the best quality real estate services. If you need to sell a home in Houston or the surrounding areas be sure to contact us so we can create a personalized plan of action. Whether or not you have ever sold a home before two principles you should consider are where the market value of your home comes from and the reasons we see sellers need to put their home on the market.
As you know having a licensed Realtor working with you to sell your home is a huge benefit because it allows you to have expert guidance. We work with many different types of clients and a variety of conditions of properties. The first principle we want to discuss is where does the value of your home come from?
Whenever we work with sellers we always like to let them know where the market value of their home comes from. What we mean by this is how do we determine how much your home is worth? Before we answer this you need to know the Market Value and Market Price are different numbers. As Realtors we can estimate using the following criteria what the market value is however there is no way to tell the market price because this is the number someone is actually going to pay. Of course, we want the Market price to be higher than predicted if possible. Here is where the market value of your home comes from.
Area
The area or neighborhood where the property is located will play a big role in its market value. If you have ever wandered the different neighborhoods of Houston one thing you will notice is that in certain areas it can change from street to street and block to block. One street could be a neighborhood of similar homes and then out of the blue, a Commerical business is placed in the middle of an area. If the property is surrounded by commercial areas with businesses this will affect its value. If mobile homes surround the area and the subject property is the only single-family house in the neighborhood, this is going to affect its market value. The area can affect value up or down. Often times with the growth or boom of new construction in older neighborhoods we see older homes exploding in value because of what is coming up around them.
Type of Property
The type of property you are selling in Houston is going to change market value. If you are selling a vacant lot or mobile home you are going to require different financing which means that your pool of buyers is going to change. We will need to take this into account when determining market value. For vacant land how it can be used will play a big role in its market value. Ex. Is it zoned for commercial or residential use? Did it use to have a home on it? Is it cleared or wooded? In the case of mobile homes, only certain loans can be used to purchase the land and mobile home which will play into value. For our single-family homes, they have the most flexibility with financing options which means they have a larger pool of buyers.
Updates to the Home
Any and all updates done to a home can help or hurt the value of the property. We have seen in the past where a client will update the home in a way that makes the home very customized to what they like and what they enjoy in their home, However, updates can be a double edge sword. If you updated the home to make a home more user-friendly by adding modern features this can be a positive selling point. Where this can turn into a negative selling point is if those updates become too specialized this can severely affect the value of the home because the new buyer will need to spend money in order to undo what modifications have been done.
Condition of the Property
The condition of the property is the last component of the value we are going to discuss. The condition of the home tells the story of the home. If a home has many smaller maintenance items that have not been completed or unprofessional quality repairs this could indicate that larger ticket repairs will need to be addressed in order to bring the home up to market quality. If the home has always had the landscaping kept up, the gutters cleaned, and the driveway pressure washed this will show pride of ownership which significantly increases the value. (If you would like to know more about what you can do to get your home up to market condition check out our post here)
Now that we have covered where the value of the property comes from we will move on to a few reasons we see sellers need the Kodiak Bear Groups’ guidance with selling their home in Houston or the surrounding areas. Here are a few we should mention in no particular order:
- Bad tenants – Bad tenants that are difficult to collect rent from, Damage the property, and if confronted can even be dangerous.
- Major Home Repairs – A home that has many small repairs needed or has large ticket item repairs needed.
- Inherited property – An Inherit property from a deceased family member.
- Divorce – A decision to separate from your significant other and need to liquid the joint assets.
- Bankruptcy – Facing bankruptcy and need to liquidate assets to pay debtors.
- Behind on payments – Behind on payments and want to know what you can do with the property to avoid foreclosure.
- Downsizing – Downsizing because you no longer need to have such a large space. For all our empty nesters needing a change.
- Relocating – Relocating for work, business, or family matters and need to unload this home and find another in other states.
No matter what situation you are in you have options when it comes to the sale of your property. The most important tip that I can share with you is in order to have access to the greatest number of options you have to ask for help as early on in your situation as possible. The longer you wait means the window of opportunity decreases. The Kodiak Bear Group is here to be your guide in real estate.
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