Understanding the Home Selling Process: Factors That Can Affect the Value of Your Residential Property

In 2019, home sales in the United States rose by nearly 4 percent. If you are thinking about selling your home, now is the time to act. Since the housing market seems to be on an upward trend, you can get top dollar for your piece of residential real estate.

Before putting your home on the market, you need to figure out what your asking price should be. Looking at what similar properties have sold for in your area can help you figure this important information out. There are a number of factors that can affect the value of your home. Knowing these factors can help you avoid losing money during the home selling process.

Modern Buyers Want Energy Efficient Homes

The buyers looking for homes in today’s market are very specific about what they want. Many younger home buyers are extremely eco-conscious. This generally means that these buyers want a home with a high degree of energy efficiency. Before you put your home on the market, take the time to get an average of your energy bills for the last six months or so. Having this information to offer a potential home buyer can help you seal the deal.

If you feel like you are currently paying too much for the energy used to power your Texas home, then you may need to do some research. You can check electricity rates for Texas here. With the information from this website, choosing the best energy provider will be much easier.

Property Location is a Big Factor to Consider

When new buyers enter the housing market looking for a property to invest in, they are usually adamant about where it is located. Most real estate agents agree that the location of residential property has a lot to do with how much it is worth. When trying to figure out whether or not your property passes the location test, consider factors like:

• The proximity of recreational centers and shopping malls to your location
• The overall quality of the schools in your area
•  Details about local employment opportunities nearby

By considering these factors, you can determine whether or not your property is located in a desirable location. You also need to seek out the guidance of an experienced real estate agent. These professionals will have no problem helping you determine a value for your property.

The Condition of Your Home

Once you start to get some offers on your home, you may think that the selling process is nearly over. In reality, an offer from a buyer is just the beginning of this process. If a buyer is going through a mortgage company to finance a home purchase, they will ask for an inspection to be done. This inspection will be performed by a third-party and will be quite extensive.

If serious problems are found with your home’s roof, foundation or other vital components, it could lead to offers being taken off of the table. Even if the buyer in question does not remote their offer, they will probably ask for deep discounts if the problems are severe. Instead of going through this stressful ordeal, you need to work on getting your home ready to sell. Investing money and time to fix small repair issues can help you avoid less than stellar inspection reports later on.

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Keep an Eye on Interest Rates

There are some factors that can affect the value of the home that are out of your control. One of the main factors like this is the interest rates set by the Federal Reserve. The higher this interest gets, the harder it will be for you to sell a home. Most people wait until the Federal Reserve lowers interest rates before applying for a mortgage. This is why it is essential that you look at interest rates before making a move to put your home on the market.

Don’t Take on the Home Selling Process Alone

Some homeowners think they can save a few dollars by selling a residence on their own. If you have limited knowledge of this process, you will probably make a lot of mistakes. These mistakes could end up costing you thousands of dollars. This is why hiring an experienced real estate agent is a must.