As summer transitions to fall, perhaps you are really, finally seeing your neighborhood in a new light for the first time in a long while. During summer, perhaps you have been traveling for vacations, staying indoors more to avoid the heat, or maybe you’ve just not truly seen your home or your neighbors’ homes because the trees and outdoor vegetation are abundant and overflowing.
What happens when the leaves all turn brown and fall off the trees? Well, you are able to gain a new vantage point in your neighborhood in a new way, understandably more clearly. This new view may illuminate some factors about your neighborhood that might be worth considering as it could have a significant impact on both your overall neighborhood value as well as your own personal home should you be nearing a time when you hope to put in one the real estate market to sell.
Location
As you are gathering information about your home’s value, it is important to consider aspects of your location and whether or not there have been any changes that impact the desirability of your neighborhood. Things to consider: Have there been any zoning changes lately that could impact taxation or school choice? Are there any new housing or commercial developments in or around your existing neighborhood?
Age and Condition of Homes
In addition to gaining a better understanding of factors related to the location of your home, it’s also wise to consider the age and condition of your home as well as the others in your neighborhood. It can be difficult to do this objectively, but take a drive through your neighborhood with a critical, discerning eye much like a prospective buyer. What do you see? Do you see homes that have been well-maintained? Are the gutters and roofs in good shape? Are the roads and sidewalks in good condition? What does the siding, brick, or landscaping look like?
Obviously, you cannot control the condition your neighbors choose to keep their own home in, but this exercise might inspire you to tackle a fall home projects list to get your house looking its best ahead of listing it for sale. Even if the homes in your area are showing age, a few good weekends of work could make a big difference. (Don’t forget to repeat this process indoors as well!)
Local Market Value
Finally, despite things like assessing the impact of your location and the age or condition of your neighborhood, one of the best measurements of neighborhood value and your personal home value will be determined by the local real estate market and the value assessment associated with comparable homes in your area. How are recent sales of houses of similar size and quality compared to yours?
The past many months have shown a housing market with surprising factors that have felt out of the ordinary from recent years. Home sales are up significantly. Homes are not staying on the market for very long. Buyers in many markets are paying above the asking price and even above the appraisal price to secure their purchases. New construction and existing homes are in short supply.
If you are looking to get a good grasp on what your current home may be worth to a prospective buyer, check in with a trusted real estate professional to get a good estimate of your home value. Knowing that number might be a huge motivation to sell your home or it just might be added security and peace of mind knowing what kind of equity you hold in your home.
Take full advantage of the clearing of the fallen leaves to give you a new vision for your neighborhood and your own home. It may just be the time to get to work readying your home for a quick sale.
