Factors That Could Affect the Value of a House for Sale in Portsmouth VA
The prices for a house for sale in Portsmouth VA vary wildly. They peak in a seller’s market and hit rock bottom in a buyer’s market. Even two comparable homes in the exact same locality can have different price tags.
Several factors affect the resale value of a house for sale in Portsmouth VA. Here are some of them.
Location
In real estate, nothing is more important than the location. If your home is located in a bad, distant or undeveloped neighborhood, you are unlikely to receive a good offer. By contrast, even bad homes in good neighborhoods find buyers fast. Properties located in neighborhoods that are seeing a lot of infrastructure development will also have many takers.
Neither new nor old
Old properties are in demand due to their historic charm. New construction homes also get sold faster because they don’t require any repairs. But if you have a home that is neither new nor old, you may have difficulty finding a buyer.
Outdated renovations
Renovations that were a rage 10 or 20 years ago have long lost their appeal. So if your kitchen or bathroom still celebrates trends of the 2000s, buyers may turn their noses up.
Renovations have the potential to increase the resale value of your home but they have to look contemporary. Ideally, you should improve the overall condition of your home instead of spending a fortune on a kitchen or bathroom remodel. In fact, inexpensive renovations like a fresh coat of paint can actually drive the value up. And while getting a renovation, make sure that it has the potential to appeal to a vast segment of buyers. If it only appeals to you, your home will languish on the market. This is particularly important when choosing wall colors. Keep in mind that most buyers are interested in neutral colors.
Negative history
If your home is located in a neighborhood that was once associated with a high crime rate or flooding, most buyers will not be interested in it. That said, this is not something you can change. So accept it and be prepared to receive not-so-exciting offers for your house for sale in Portsmouth VA.
Size does matter
Square footage is something that most buyers look at. Modern buyers are looking for medium sized properties. Homes that are too small or too large don’t have many takers. Buyers have become practical about how much space they need to live comfortably. Anything smaller or larger does not appeal to them.
Shortage of bedrooms and bathrooms
Homes that face a shortage of bedrooms or bathrooms also have few takers. If your home has only one bathroom and one or two bedrooms, you may have to reduce your asking price.
No comparable properties
Homes that look totally different from surrounding structures are not a hit with buyers. If there are no comparable homes in the neighborhood, the bank will also have a tough time assessing the value of your property. In most cases, they will underestimate the resale value of your property during appraisal. This could actually encourage the buyer to negotiate a lower price.
If you have a house for sale Portsmouth VA, keep the above points in mind while setting an asking price.