Getting Started with Property Worth
Finding the value of your property is an inherently tricky venture. Fleeting changes in desirable styles, parts of town, and the market can all have an impact. But, there are some guiding principles that can help us gauge a current property value and potentially increase it.
The best place to start when assessing your property worth is by keeping an eye on comparable homes that are being sold (or rented) in your neighborhood. Value is simply what people are willing to pay, and if buyers/renters see that other homes nearby are selling for a smaller sum, then your property better be something special to make them willing to pay much more.
Watching prices over a period of time is much more useful than simply looking once. Seeing a few asking prices and calling it a day may give you a sense that your property is worth more than it actually is, while keeping track of changes over time and seeing what homes actually sell for in the end will give you a much better idea of a realistic value for your property.
Marks For and Against a Property Value
Size, location, and age are all things that have an obvious impact on your property value and are sadly mostly out of your control. High crime rates, a history of flooding in the area, or a small yard can drive value down , while being within a good school’s district can do wonders for a home’s worth.
Luckily, there are a few things we can do to increase a property’s value. Making repairs and renovations that can future-proof a property can have a marked effect on cost. It would be wise to add up any money you have spent on your property in the past and keep any records you may have of these costs. Including any extra amenities like a pool, fireplace, porch, garden, sprinkler system, or quality appliances in the value of the home can help as well. Do you have a finished basement or attic? Those areas can be valuable perks for people looking for more space.
An older home can be a blessing or a curse. If you can prove that your property is structurally sound and updated with modern utilities, the age can be a selling point. But, if there aren’t enough updates, the value may decrease due to concerns about the foundation or lack of modern heating and cooling.
Things to Consider for Delaware Property Worth in 2022
To say we’re currently in a seller’s market is a huge understatement. Frustrated buyers are struggling to get their offers in quickly enough and many properties are going well above asking price. In 2021, 58.6% of homes sold above the listed price and homes were up by 19.4% overall.
Will that trend continue? It’s difficult to say, but if you’re considering selling a home, now may be the time.
As a Delaware homeowner, you’ll also want to consider some of the factors unique to Delaware properties that may impact your property’s worth. Many parts of Delaware are on marshlands. If flooding is an issue in your area, ensure that your property’s sump pump is well maintained. Delaware is also a very small state, so even if your property is not within city limits, proximity to cities and amenities can be a huge plus when selling your property. And some of our smaller towns are rapidly growing so imminent restaurants, shopping centers, and entertainment venues can be factored in. For example, the fastest growing areas in Delaware right now are Middletown, Smyrna, Milford, and Claymont.
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What Our Property Owners Say
I have been working with Jane and Laura for about 15 years providing pest control services. Very easy to work with and very professional.
DRM looks out for the best interest of the property owner.
There were a few things that needed to be addressed in our condo when we moved in and an issue with our fridge (which was replaced promptly the next day it burnt out with a beautiful stainless steel fridge). We couldn’t be happier with the service she has provided us and our experience 14 months later.
Delaware Realty Management have been excellent property managers throughout my tenancy. Very personable, accommodating, quick response(s) whenever I had questions or needed something fixed. I would highly recommend them to anyone looking to work with them.
A great company to work with. Jane made this looking and obtaining a new rental place easy and painless. Timely responses friend and patient. I just wish my last property management company was 1/5th as good as Delaware Realty Management, LLC is. Looking forward to many years of great service with them.
We have been working with Delaware Realty Management for some time now and could not say enough about them. They are efficient and friendly. If you’re looking for a realty team, look no further!
The team at Delaware Realty Management was extremely professional and supported our renting process in a timely matter. They always walked the extra mile for making us feel secure and confident throughout the process, clarifying our questions and making this transition as smooth as possible for our family. I will highly recommend DRM for your housing needs, they will take great care of you and your family!
I’m so pleased with Laura and her team. It was a great experience from application to move in. The team was so resourceful being that I’m relocating from another state. Thanks ladies!
Amazing management! They have been so kind and easy to work with!
Amazing company!!!, Professional staff. I recommend Delaware Realty Management.
DRM have been my property managers for over 10 years and I’ve had no major issues. I live several states away and I don’t worry at all about my house in Delaware. Nikki is always on the ball.
Delaware Realty Management is a joy to work with! Quick to respond, very detailed, and well-versed in what they do.
Great team and prompt maintenance. Beautiful place to live would recommend.
I would strongly recommend DRM to anyone looking for a management company. I live out of state, so it is important to have a management company who can be hands on.
I have worked with them over the past few years and have had nothing but great service. I have several properties and they have done a terrific job managing them for me, providing great service to my tenants at a very fair price!
Great Property! Lauren is the best!
Great team, always responsive, friendly and courteous
The management team always responds quickly for any needs that I may have as an owner. It’s the perfect partnership.
Excellent management, fantastic company, you will not find better. I highly recommend.
Thank you so much for working with [us] on getting our home in Newark ready to rent. We appreciate all you did with the applications, credit scores and lease. You helped find the perfect tenants. We will use your services again when their lease is up.