Hunt Real Estate ERA
Hunt Real Estate ERA
Kelleigh Evans, Hunt Real Estate ERAPhone: (602) 561-2101
Email: [email protected]

Is Your Residence Worth More Than You Originally Paid for It?

by Kelleigh Evans 07/12/2020

If you intend to list your residence in the near future, you might believe your house is worth more than you originally paid for it. However, there are many factors that impact a house's value, and these factors include:

1. The Current State of the Real Estate Market

The housing market can vary from city to city, town to town and state to state. So it's generally a good idea to analyze the local real estate climate. You then can use housing market data to determine whether the current real estate climate favors buyers or sellers.

In a buyer's market, there is typically an abundance of quality houses. Meanwhile, a seller likely will need to dedicate time and resources to differentiate his or her home from the competition in a buyer's market. A seller will also want to hire a real estate agent who can help them navigate the challenges of listing a residence in a buyer's market.

Comparatively, in a seller's market, a seller has a golden opportunity to maximize their house sale earnings. In this market, there is usually a shortage of first-rate houses, and homes may sell shortly after they become available. If the market is currently favoring sellers, you may be better equipped than ever before to enjoy a seamless house selling experience.

2. Your Home's Condition

Over the years, you may have committed substantial time and resources to upgrade your residence both inside and out. As such, if you list your home now, your residence may be worth more than you initially paid for it.

On the other hand, if your home has its fair share of problems, these issues may negatively affect its value. But if you upgrade your house before you list it, you could improve your house's value accordingly.

Of course, a home appraisal may help you verify the current value of your residence based on its condition, the housing market, and other factors. During a house appraisal, a property expert will analyze your residence both inside and out. They will provide you with an appraisal report that can help you determine how to price your house.

3. The Economy

Economic fluctuations are common across the United States, and the present state of the national economy may have far-flung effects on your house's value.

For example, a thriving economy may lead people to pursue their dreams of owning a house. In this economy, a seller who lists a top-notch house could reap the benefits of a fast, profitable home selling experience.

Conversely, in a fledgling economy, the number of home sellers may exceed the number of homebuyers. In this scenario, sellers will need to work diligently to promote their residences to the right groups of potential buyers and price their residences competitively.

Consider these factors as you get set to list your home. By doing so, you can analyze your home's value and explore ways to boost the likelihood of getting the best price for your residence.

About the Author
Author

Kelleigh Evans

I've lived in and loved Arizona my entire life. The sunshine. The outdoors. The homes. Buying and selling homes is a huge deal and I want my clients to feel supported and cared for throughout the process. 

A few promises if we get to work together: 

Education: What you need to know for buying and selling.

Communication: Every step of the way.

Guidance: Facts to help you navigate the market.

Commitment: Complete. Unwavering.

Community: I am a partner in your journey.

Wanting to sell your home? I will help guide you through the prepping and staging. Offering fresh marketing and a thorough approach to negotiate the best sale possible.

Wanting to buy a home? I will keep you up to speed by walking you carefully through options and negotiation strategies. I will connect you with the necessary service people like inspectors, roofers, HVAC technicians, and even interior designers.   

I'd love to assist you. Whether you're just beginning your home search or if you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you. Every home has a story. From beginning to end. I'm here for you. 

Home Solutions Made Easy.