Today I would like to talk about why your neighbor’s home is worth more than yours. It is all in the details, so let’s review some key features that can add, or reduce, your property’s value.
One question we hear all the time from sellers is, “Why did my neighbor’s home sell for so much more than mine?” Many assume that just because their properties are in close proximity, they will net the same price. But today we’d like to share some of the top reasons why your neighbor’s home may sell at a premium.
If you are in a seller’s market, as most areas are, you will notice that properties move quickly. And, the properties moving the fastest and for the most money have a few key features.
One of these important features is a renovated kitchen—and not just any renovated kitchen, but one with white or grey cabinets; quartz, marble, or granite countertops; and stainless steel appliances.
Bathrooms are typically renovated as well, especially the master bathroom. Guest bathrooms, if renovated to a lesser extent, should at least have painted cabinets, new tile, updated countertops.
But what about the rest of the house? Well for one, buyers love to see hardwood floors throughout. If carpeting is the dominant flooring selection for the home, many buyers will think twice before submitting a higher offer.
A flat backyard is also attractive to buyers. However, sellers whose home lacks this feature should not despair. There are a number of ways to create the illusion of outdoor space. And, on the subject of your home’s exterior, your driveway is another significant factor in how buyers view your home. Buyers will typically pay more for a flat driveway. A sloped driveway, on the other hand, can lead to a 5% to 10% reduction in home value.
Other smaller features play a role in your home’s value, as well. Factors like whether your property is freshly painted, has a pleasant smell, and has been well staged will all influence buyers’ perceptions.
Ultimately, having the guidance of an experienced Realtor will be greatly helpful in deciding whether to renovate your home before selling and what renovations to take on if you do. If you’re thinking of selling, we would love to provide this guidance for you.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.