When you decide to sell your home in Washington DC, Bethesda, Chevy Chase, or Northern Virginia, you begin to dream about how much profit you can make and moving to your next location. However, there is one figure you’ll need to determine before you can make those dreams a reality— your home value.
It is not uncommon for homeowners to over-estimate how much their property might be worth, so as your local real estate experts, The Estridge Group has put together a few tips that can help you determine just that.
One of the first places to look to help find your home value is a list of comparable properties in the area. Look at homes that have a similar square footage to yours or those with the same types of features. Even if you think your home is better than the one down the street, you’ll need to consider if it has a larger footprint, updates that yours doesn’t have, or more bathrooms as these can add significant value.
Have you made any recent improvements to your Metro DC home? They could make a big impact on your home value— or not add as much as you thought. Know that there are some updates that don’t add as much value as others at resale so it is always wise to consider ROI (return on investment) prior to completing projects. If you are unsure if a certain update will boost your value, you are welcome to consult your real estate agent!
There is a reason “location, location, location” is a real estate mantra. Factors in your area like the schools, proximity to entertainment, parks, commute times, neighbors, and of course, a sense of community can all either help or hinder your home value.
Age of the home
Your home’s condition and the age of the property can also influence how much it may be worth. Oftentimes, homes deemed “historic” and newer properties tend to be worth more than others. The aforementioned factors do play a big role in finding your home’s worth, but typically as homes age, their value lessens.
There are many ways for you to determine the value of your Washington DC, Bethesda, Chevy Chase, or Northern Virginia home and it is helpful to have an idea of what you might be working with prior to listing the property. Remember, it’s best to put on your home seller hat and set aside your emotional ties to the property to find a realistic price.
Curious about your DC, MD, or VA home value? Contact The Estridge Group today to find out!