Home Selling in 38119>Question Details

David Downen, Home Buyer in Evansville, IN

Is location the only way to price a home? We have added a new bath and kitchen to our home plus new windows

Asked by David Downen, Evansville, IN Thu Jun 12, 2008

and roof and garage.

Help the community by answering this question:

Answers

6
Hi David:

Location is a very big part in pricing a home. Price ranges for similar homes in one location vs in the other location can be quite different.

However, once you get down to the location you are in, the quality, condition and presentation of a home can make it stand out. Some improvements are more important than others and the improvements you have listed are all items that are practical updates and appreciated by all.

Coupled with staging and curb appeal, will definitely make your home stand out among many.

Ask your Realtor to provide you with good comps and reasonings so you can price it right for sale.

Best,
Sylvia
2 votes Thank Flag Link Thu Jun 12, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
Contact
Location is not the only way to price a home.... but you have to admit, it's a fairly important factor.

When buyers approach me, they often already have a specific location in mind, and won't look at anything outside of that location. So location is a very important factor.

But new bath, new kitchen and new windows... etc... are also very important factors that add to the value of your home, and a good Realtor will take all of that into account when they provide you with your Comparative Market Analysis.
2 votes Thank Flag Link Thu Jun 12, 2008
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Hello David
After reading your answers so far, You probably know why you have heard for so long......location, location, location. Certainly upgrading your home helpd to keep and increase your value. A new bath and upgraded kitchen are great! Also, adding a garage is a big plus. If the roof and windows were in bad enough shape when you replaced them, then those become maintenance items more so than upgrades.

Overall though, if your home were in an undesirable area as compared to an area with great schools, low crime rates, and lower property taxes, then the latter area becomes the most sought after.
good luck
Don & Connie
1 vote Thank Flag Link Sat Jun 14, 2008
Location draws the potenial buyer to an area (emotional). Then price and condition are the logical factors. When the budget doen't fit the area, then the buyer seeks other locales to fit their need. By upgrading or renovating it will be an important eliment in your value and will certainly help out the marketability of your house.

HOWEVER. if you have done these things just to be competitive with what everyone else has already done.........you have only equalized your marketability and now must focus on your price point.

Square footage, amenities, lot size, covered parking, curb appeal, brick vs. wood, cul de sac vs. busy street, etc. can also play into the appraised value of your home.

As long as you have not overbuilt / upgraded for your neighborhood, the items listed above you should get a dime back for every nickle you spent. Above it shows 38119 zip, so don't compare yourself to 38120 - the same as a 3br 2 ba in Memphis is going to be much, much more affordable than say the same in San Francisco (apples and oranges).

Take care,

Jo Shaner
Web Reference: http://www.lipseyshaner.com
1 vote Thank Flag Link Thu Jun 12, 2008
All of those updates will help sell your home over your competition. Make sure your Realtor keeps close tabs on the prices. You need to make sure a buyer who already loves the location will pick your home over the others and pay a bit more for the upgrades. You won't get dollar for dollar, but you will get your home sold.
0 votes Thank Flag Link Tue Jan 17, 2012
All of the answers below are very good. Here is the secret I use with my sellers. I ask them to go with me to look at our competition (the other homes that are for sale). We go in with the mind set of a buyer. We compare their home to the other homes that are available. We determine what features, upgrades, improvements, etc.. about the competition compare to their home. Then we determine the best price based on the competition.

All of the improvements you have made are statically proven to increase the value of a home. Best of luck!
0 votes Thank Flag Link Fri Oct 29, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer