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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