Whether you’re in a hot housing market or one that’s in less demand, you can take steps to sell your home faster and for more money. A little research is all you need to find out the real home value in your neighborhood.
What Is Your Home’s Value?
Unfortunately, there’s no magic calculator to determine the fair market value of your home. Contributing factors can include supply and demand, special features like swimming pools or elegant landscaping, the desirability of the neighborhood, proximity to shopping and medical facilities, and highly rated schools.
How much these features are worth to individual buyers varies, depending on competition and desirability. In the end, the sale price is based on what the buyer agrees to pay and the seller agrees to accept. Comparing home prices with those of similar properties, getting an appraisal, and finding how much lenders will let you borrow are good indicators of home value.
How to Increase the Value of Your Home
Sometimes, simple things can make your home more appealing to buyers. Here are four things homebuyers look for in 2021:
1. Appealing Colors
After the pandemic, 2021 homebuyers are looking for warm, clean colors. Better Homes and Gardens recommends creamy whites, terra cotta, and other neutral shades for an updated, organic look. Earthy hues go well with green plants, woven baskets, and caned or wicker furniture.
2. Nearby coffee shop
A 2015 study (1997-2014) by Zillow showed that homes within a .25-mile radius of a Starbucks rose by 96%, compared to 65% for all U.S. homes. On the other hand, Starbucks excels at finding trendy, growing locales. Either way, it bodes well for home sellers who live near coffee shops.
3. Proximity to an Urban Area
Based on a 2021 report by Redfin, the price of single-family homes inside the city limits rose by 16%, higher than growth in rural or suburban areas. Although the difference is relatively small, this was the first time since the early pandemic (March 2020) that the value of urban homes rose more quickly than those in other areas.
4. Trendy Upgrades
With the popularity of home-decorating shows, trends spread to retailers and buyers faster than ever before. Although trendy features can date a house within a few years, they can initially increase the value and help them sell faster. Some homebuyers working at home during the COVID-19 crisis are looking for private workspaces instead of open areas.
Some things remain constant in the housing market. Others, like those driven by quarantined families during the pandemic, change with the times. In 2021, buyers are looking for cozy, comfortable homes. Wallcoverings are making a comeback, and earth tones mix with pale pinks, calm blues, cool greens, and vintage accents. We’re all looking for a way to connect with nature and nostalgia.
