Are you getting ready to sell your Plymouth home? Once you’ve decided to sell, there is often a long to-do list of items to check off before your house goes on the market. One detail to consider is having your house appraised. Knowing your Plymouth home’s value is crucial to marketing and selling it.
Thankfully, when you work with an experienced real estate professional, you won’t have to worry about this part of the Plymouth home selling process. Our agents and appraisers will accurately value your home, so you have confidence when it comes time to list and sell it.
Home value is based on what prospective buyers in your local market will pay for your home. There is no one-size-fits-all answer since buyers are after different features, designs, and amenities. Some might be more concerned about the school district and nearby parks, while others want the latest updates and styles.
Choosing a price that accurately reflects all of the factors of your home, including location and condition, is vital. Realtors will also consider the local market and economy to ensure your Plymouth home’s value accurately reflects the median prices of the neighborhood and market trends.
Before we dive into the factors that impact your Plymouth home’s value, let’s talk about the different ways your home can be priced. There are a lot of real estate terms you will learn throughout the Plymouth home selling process. When it comes to home value, you will hear the phrases “appraised value” and “fair market value.” Let’s break down what each one means so that you can stay informed throughout the home selling journey.
A licensed home appraiser can come up with an appraised value for your Plymouth home. If you often find yourself asking, “how much is my Plymouth home worth?” an appraiser will be able to answer that question.
After inspecting your property, they will make an unbiased, professional estimate of your Plymouth home value. The amount will be based on market data and follow the Uniform Residential Appraisal Report. Lot size, utilities, zoning, structure, and more will all be considered when giving an appraised value.
Fair market value is often a different value than the appraised price since it takes into account other factors. Simply put, fair market value is what potential buyers are willing to pay to buy a home in Plymouth. It will consider elements like:
Weighing these different components, your house may be worth more when the market is hot, and homes are selling quickly in your neighborhood. Fair market value will shift depending on these factors and more.
Listed below are some of the most critical factors that contribute to your home’s value. As a seller, you can’t control all of these factors. Things like location and local market conditions are not changeable, but upgrading and maintaining your home is within your control.
Of course, location is one of the most significant components for buying and selling your home. Thankfully, Plymouth is an excellent place to live. Buyers will probably be most concerned about school districts and access to grocery stores, shopping, and parks. Plymouth is part of one of the most celebrated public school systems in Minnesota, with five private school options nearby. Location will greatly affect your Plymouth home’s value, including its proximity to:
In the end, location is often valued more than your home’s size and condition. It will be one of the most significant factors when it comes time to appraise and list your home.
Another critical factor that influences your Plymouth home value is the presence of upgrades in the home. Upgrades aren’t just about kitchen appliances anymore, however. Buyers are becoming more and more interested in energy efficiency and adding eco-friendly components to the home. When considering what upgrades you can make to enhance the value of your home, contemplate adding the following options:
Not all home upgrades are equal. Research what projects will make the most impact in your local market, then go from there.
The condition of the house is another critical factor when it comes to Plymouth home value. Newer homes typically appraise at a higher value since essential components like plumbing and electrical are more recent and less likely to need repair. The exterior conditions of your house matter, too. Simply updating your curb appeal can have a large influence on your Plymouth home’s value.
The local market can significantly impact your Plymouth home’s fair market value. The number of properties for sale in your specific area, along with the number of potential buyers, will always influence home prices. You might decide to wait to sell your home until it becomes a seller’s market, meaning there are fewer homes for sale than buyers looking to purchase.
The state of the housing market is typically an indication of the greater economy. The economy will also affect someone’s ability to buy or sell a home, including within the Plymouth luxury market. The housing market often struggles when the broader economy is slow. Fewer people can afford homes when employment is down, or wage growth slows. So, factoring in the economy is always crucial for evaluating your Plymouth home and its ability to sell.
There are so many components that affect the value of your Plymouth home. Luckily, the team at Kerby and Cristina can help you with home appraisals and preparing your house to sell. We can recommend whether or not you should stage your home, what updates should be done, and how you can boost your home’s value before it goes on the market. Then, once it’s sold, we’ll help you ease moving anxieties so you can relocate to your new home without any worries.