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

by Sellers Group powered by Keller Williams Realty Atlanta Partners 08/09/2020

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

Sellers Group powered by Keller Williams Realty Atlanta Partners

Cindy has been an active Real Estate Agent since 1999 and continued as a Broker Associate in 2002.  Licensed in both the state of Georgia and Alabama, her career has always centered around the sales environment.  After several years of working in the Corporate world, Cindy decided it was time to step out and start her own business where she could make a difference and contribute to the well-being of others.  What better way than getting into real estate!