Often one of the first steps in deciding between selling your property for cash or listing traditionally with an agent is determining how much your house is worth. Unfortunately, this question is more complicated than it seems. In today’s market where buyers have access to infinite knowledge via the internet, it’s important before pricing your home to analyze all the factors that determine your property’s worth.
Below, Ryan Scialabba, owner of Urban Capital Group has compiled the 7 important factors you should consider in determining the worth of your property. We’d also be happy to set up a complimentary, no-obligation consultation with you for the value of your home. We can go over the options together and determine what the best choices are for your specific situation. Or give us a call: 412-888-0410.
1. LOCATION
The classic cliché still and will always ring true in real estate: “location, location, location!” The first thing a buyer asks themselves when looking to buy a property is “What neighborhood do I want to live in”?
It’s easy to gather that a beautiful home in the wrong part of town may be hard to sell, or that a house with a great location will sell faster. There are many factors that go into the desirability of your location and Pittsburgh is no exception.
With all the diverse neighborhoods, the difference between a few streets could be a few thousand dollars or a few hundred thousand dollars. There are a few questions you want to objectively ask yourself – Is the property located on a busy street? Is it close to public transportation, employment, or grocery stores? How is the school district? Are you in a HOT neighborhood, a transitioning neighborhood, or a well-established neighborhood? These are all important factors to consider.
2. CONDITION & AGE
This may be a hard one to judge objectively if this is a personal property that you’ve loved and made memories in. However, the condition of the home, when compared to all the other properties available, strongly dictates how much the home is worth. Does it need cosmetic updates or repairs? Is there damage or repairs needed? A good place to start is to determine if you are going to keep and live in the home. what would you like to change or fix?
3. SIZE
Depending on the market and neighborhood that your home is in, size can pay a significant factor in how quickly or slowly your homes sells. In some neighborhoods, many buyers are multi-generation families looking for maximum bedroom and bathrooms. In others, first time home buying millennials are willing to sacrifice on space to be near to downtown conveniences. When comparing your property to others that have sold, make sure to be comparing similar size lots and houses.
4. BEDROOM & BATHROOM COUNT
The number of bedrooms and bathrooms can be paramount to how much you can sell the home for. For example, some market areas have mostly young working professionals looking for a maximum of 2-3 bedrooms. Other areas are made up of mostly working families. A good real estate professional can help you determine the demands of your specific area.
5. CURB APPEAL
When we purchase a project, one of the first projects we tackle are the landscaping and curb appeal. If the buyer’s first impression is one of a messy yard, debris, or a caving roof. It can be hard to come back from. With more and more buyer searches originating from the internet, curb appeal is now more impactful than ever. We cannot express the importance of curb appeal enough!
6. MARKET CONDITIONS
The overall market conditions strongly determine the worth of your property. This includes the current lending environment, available inventory, average days on the market, and more. We do not advise trying to understand all these complicated factors yourself. Instead, schedule a consultation with a knowledgeable real estate professional. An agent, or a reputable redeveloper like Urban Capital Group, will be happy to discuss your options. An educated professional will help you to learn your options in the current market where your property is located.
7. RECENT COMPARABLE SALES
This is another area where it’s advisable to get a real estate professional involved. However, if you have a very clear understanding of the size, square footage, location, and market demands in your area. You can begin to find this information yourself online. On websites like Trulia, Zillow, or Redfin you can see recently closed sales in your area, however, we recommend before getting your expectations too set in stone to consult a professional. A real estate agent or professional company like Urban Capital Group will be happy to pull comparable listings. To show you were your property stacks up against the competition.
Don’t Go About It Alone
Now it’s important to realize that we have just scratched the surface is being able to determine a property’s worth. It takes years of training and experience in the market. To be able to decipher values in such a diverse market. When it comes to Pittsburgh, the difference in home values can change very quickly. Over the last five years, we have looked at thousands of homes in almost every nook and cranny of Pittsburgh. When you decide it is time to sell, look no further than a professional home buyer like Urban Capital Group. Professional realtor Ryan Scialabba to help you figure out the value of your home. If you would like a free, no-obligation consultation on the value of your home please call us today at 412-888-0410.
