If you are a first-time home seller in Metro Atlanta, one of the first and most daunting questions you are likely to ask is “how much is my Atlanta home worth?” Naturally, you want to get the best possible price, but you also want to price competitively. More importantly, you want your home’s appraisal value to reflect your selling price; thus, ensuring your buyer’s financing will go through smoothly. How do you list your home correctly, especially if you’ve never listed property before?
There are a number of factors that contribute to the value of any Atlanta home. Your real estate agent can give you a more detailed estimate, but for now let’s look at a few of these factors.
Comparable Home Sales
One of the biggest indicators of your home’s worth will be how much other comparable properties are selling for in your neighborhood. The market itself drives the price more than anything else. If several three-bedroom homes in your neighborhood have sold for $300,000 over the past few months, chances are your three-bedroom home, in similar condition, will appraise in that ballpark.
Recent Updates and Upgrades
If you’ve recently made improvements to your home – for example, if you’ve renovated the kitchen and bathrooms, installed hardwood flooring or added a bedroom – these desirable upgrades tend to boost the value of a home.
Location of the Home
Home prices can vary widely from neighborhood to neighborhood – for example, a home in Alpharetta or Milton will price differently than a home in Brookhaven or Midtown. Additionally, factors like proximity to popular schools, the distance from the city and access to amenities and local attractions may also play a role in determining your home’s value.
Age and Condition of the Home
Finally, your home’s value will be affected by its age and condition. Newer homes tend to appraise for more than older ones, simply because there are fewer maintenance costs to consider. Historic homes can sell for more, if proper updates have been made. Any home in fair to poor condition may sell for less because the new owners will have to make repairs.
The real estate market in Atlanta is a dynamic one, with comparable home values sometimes changing month-to-month. The best way to know how much your Atlanta home is worth is to consult with a local real estate professional who can access the latest market data to help you price your home correctly. To learn more, call Atlanta Fine Homes Sotheby’s International Realty at 770.442.7300.