Homes that hold their value even in a market slump
If you are in the market for buying a home or if this dream is a ways off, the following tips on choosing the right home will be helpful to you. Even as homes prices in many areas are taking a nosedive some homes are selling above the asking price.
Location, location, location. We have all heard this expression and it still holds true. A house can be replaced, remodeled or renovated, but the land it sits on is permanent. There is far more to location than the views it offers. First and foremost buyers are also looking for a neighborhood that offers good schools and safety for their family.
This is followed by proximity to public services and cultural amenities such as libraries, parks, theaters and coffee shops. One caution though; you want close proximity to these amenities, but not so close that the noise level coming from the busy streets or schools detracts rather than adds to the value of your home.
Canvas the neighborhood. Are the streets and sidewalks well maintained? Open potholes and uneven sidewalk will detract from the desirability to live in this area even if the house itself is attractive.
Choose a house with the broadest market appeal. Do your homework. Find out which homes are selling the quickest and why. A real estate agent familiar with the neighborhood would be your best source of information. He or she could tell you what type of home is selling like hotcakes and which ones are sitting on the market for months on end without a showing. Is a deck an expected amenity or is a covered porch more desirable? Do potential buyers care if the homes in the area have a finished basement, pool, state of the art kitchen, etc.? At this time ranch style homes with low maintenance are weathering the housing slow down quite well.
Up dating your present home. If you already own your home these are still good questions to ask if you are considering remodeling or upgrading your home. Don’t spend $60,000 on an expensive kitchen, if adding a third bedroom would give your home a larger market base for re-sale. Yes, your desires for a home matter, but keep in mind that a home designed with only your wants in mind could end up being very difficult to sell in the future. Making your home more energy efficient by adding additional insulation, high efficiency windows, new siding or appliances can add value and appeal to a potential buyer.
Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622
dwing@academynational.net
Location, location, location. We have all heard this expression and it still holds true. A house can be replaced, remodeled or renovated, but the land it sits on is permanent. There is far more to location than the views it offers. First and foremost buyers are also looking for a neighborhood that offers good schools and safety for their family.
This is followed by proximity to public services and cultural amenities such as libraries, parks, theaters and coffee shops. One caution though; you want close proximity to these amenities, but not so close that the noise level coming from the busy streets or schools detracts rather than adds to the value of your home.
Canvas the neighborhood. Are the streets and sidewalks well maintained? Open potholes and uneven sidewalk will detract from the desirability to live in this area even if the house itself is attractive.
Choose a house with the broadest market appeal. Do your homework. Find out which homes are selling the quickest and why. A real estate agent familiar with the neighborhood would be your best source of information. He or she could tell you what type of home is selling like hotcakes and which ones are sitting on the market for months on end without a showing. Is a deck an expected amenity or is a covered porch more desirable? Do potential buyers care if the homes in the area have a finished basement, pool, state of the art kitchen, etc.? At this time ranch style homes with low maintenance are weathering the housing slow down quite well.
Up dating your present home. If you already own your home these are still good questions to ask if you are considering remodeling or upgrading your home. Don’t spend $60,000 on an expensive kitchen, if adding a third bedroom would give your home a larger market base for re-sale. Yes, your desires for a home matter, but keep in mind that a home designed with only your wants in mind could end up being very difficult to sell in the future. Making your home more energy efficient by adding additional insulation, high efficiency windows, new siding or appliances can add value and appeal to a potential buyer.
Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622
dwing@academynational.net
posted by Academy National Mortgage at 8:15 AM
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