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

by Don Russell 09/29/2019

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

Don Russell

Originally from the San Francisco Bay Area, Don holds a Bachelor's Degree from the University of California At Berkeley. He has spent his career as a Real Estate and Development professional on the West Coast of the US, as well as holding many executive Real Estate positions with a large multi-national company. He speaks and reads Spanish fluently.

Don spent more than 15 years of his career living and working in Latin America and the Caribbean. In the late 1990's, he returned from living in Mexico City to reside and work out of South Florida. This was his first taste of the "Florida lifestyle" and he was "hooked". Prior to his last foreign venture in Los Cabos, Mexico, Don lived in South Beach, Palm Beach and Amelia Island, Florida.

In Los Cabos, Don oversaw the development of a large high-end golf course community. He was directly or indirectly responsible for the sales and development of many high-end oceanfront properties ranging from $5 to $10 million. Having a Real Estate and Development/Construction background all woven into one professional, Don was able to provide the necessary daily attention to detail to all aspects of his projects and maintain excellent relationships with the buyers. Known for his organizational skills, great communication skills and follow-up, he was always receiving great accolades from all parties involved in his work.

After more than 5 years in Los Cabos, Don made the decision it was time to return to the states. As in the past, Florida was harkening to him in the back of his mind. so he set out for a new adventure. A friend suggested he come take a look at the West Coast of Florida, particularly Sarasota, and after one trip, that new adventure started!

After moving to Sarasota 5 years ago, Don obtained his Florida Real Estate License and became a member of the industry in Sarasota. As your professional Realtor, whether you are buying or selling, Don will provide you with the best service available in the marketplace. Whether you are relocating to the Sarasota area or already living in this wonderful area, Don is here to make your Real Estate goals happen hassle free! Se habla Espanol!