Are you interested in knowing the value of your Shawnee KS home?
If you’re looking to sell your Shawnee KS home, you’re probably wondering how much it is worth. Like many Americans, your home is one of your highest investments, and after years of taking care of it, you would want to get the best value out of your home. Know ing your home value is the best key to determining its listing price.
Understanding the market value of your Shawnee KS real estate
Before we dive into the ‘how’ of pricing your property, you first need to understand what home value or market value is.
In real estate, your home’s market value is how much a buyer will pay for it.
Buyers and sellers look at value differently.
For example, you as a seller think that the new roof you installed adds value to the property. The buyer places no value on the roof because they expect the roof to be in good condition.
Or you may think that the in-ground pool increases home value, but the buyer thinks the pool is not necessary and may even depreciate the value of the property.
Another example is installing wall-to-wall carpeting. You may think it is a great feature and will improve your home’s worth, but the buyer thinks it is too much and prefer hardwood floors.
My point is, your home’s market value is not based on what you think the house and its updates are worth, and it’s not also based on your monthly mortgage payment.
What are the factors that influence your Shawnee property’s value?
Here are six important factors that affect your property’s worth.
The top factor that influences the value of your home is the location. Where your house is located, whether it is near good schools, medical facilities, proximity to local markets and shopping complexes, and transportation are all important in increasing or decreasing the value of your home.
Properties near good schools are valued more because good schools are often in demand and are easier to sell.
- Neighborhood comps
Comparable properties (also called “comps”) are properties in your neighborhood that are similar to yours in terms of features, year built, the number of bedrooms, bathrooms, and square footage. These comps are homes that were sold in the past three to six months.
Real estate agents use comps to estimate your home value.
- Home size and living space
Another factor that influences your home’s market value is the size. Bigger homes have more square footage, which means the house will be priced higher.
In addition to square footage, the living space is also significant. Bedrooms and bathrooms are very important. The more beds and bathrooms you have, the higher your house is worth. Garages, attics, and unfinished basements are usually not counted as part of the usable living space, so even if you have a large basement but it is unfinished, it won’t be part of the usable space.
- House age and condition
The age of your house is also influenced value. We’re talking about new constructions vs homes built in the 70’s or ’60s. Typically, new homes are valued more because they need fewer repairs, while older homes require more.
- Updates and upgrades
Most buyers are willing to pay a reasonable premium amount for move-in ready homes. Updates and upgrades also add value, but not all improvements are valued equally. Adding another bathroom, a patio, or a deck increase home value, but adding a pool or updating your kitchen into a super luxury kitchen may not be a good idea. Always consult with a local realtor like me, Lea Deo, before adding any upgrades in your home.
- The local real estate market
No matter how beautiful and well-prepared your home is, the local market will impact how you value the property.
During a buyer’s market where there are more homes for sale than buyers, you’ll have to drop your price to sell your property fast.
If it’s a seller’s market, you can increase your price and your house will still sell fast.
Now that you know that factors that influence your home’s value, you’ll be able to price your home better.
What’s the best way to find my Shawnee KS home value?
Here are different ways you can know how much your home is worth.
- Use free home valuation tools
One of the popular ways is by getting a free evaluation through home online value estimators. The Internet has many sites that offer free personalized estimates of your home. Many real estate sites offer this type of service.
Though this service is fast and free, I wouldn’t really rely on these sites results. Home online value estimators are not the best way to assess your home’s worth because these tools are not accurate.
Computers and the Internet can do many amazing things, but assessing your home’s value is not one of them. To come up with your home value, computers gather data from various public offices like the tax record and listing data, which are sometimes inaccurate because they are not properly updated.
Don’t rely on the value these online home estimators produce. Even these sites admit that what they provide are estimates, mere starting points to determine a home’s value. Home online value estimators don’t know the updates you’ve made to your kitchen or about the patio you built because they cannot see your home.
- Hire a professional appraiser
You can also hire a professional appraiser you who estimate your home value. Professional appraisers are usually hired by lenders before they approve a mortgage. These appraisers evaluate the real estate market, the property, and the comparable properties, very much like what real estate agents do. Prepare to shell out between $200 – $400 for a professional appraisal.
- Hire a real estate agent and get a free comparative market analysis or CMA.
You can talk to a real estate agent like me, Lea Deo, and request for comparative market analysis. A comparative market analysis (CMA) report is an evaluation of comparables or homes in your area that has recently sold. It also contains active listings of other Shawnee KS home for sale. Homes that are under contract but have not closed yet are also included in the CMA.
In preparing your home’s CMA, I look at the recent home sold, active listings, and pending sales. In terms of comparables. I check the home style, number of bedrooms and bathrooms, square footage, garage, age of home, condition of the home and the property, lot size, and improvements and upgrades.
I also consider the local community, the quality of the school district, and the natural disasters affecting the area. All these factors are included when I give you a home valuation.
Questions that influence the pricing of your Shawnee real estate
If it is your first time to list your home, you may not know where to start or what to ask. Let’s take a look at some of the questions you need to ask yourself before finding out your home’s value.
- Why am I selling the house?
Ask yourself why you want to sell the house. Is it a career move? Are you upgrading or downgrading? Is the house already small for you and you want a bigger space? Are you financially strapped?
You need to figure out if selling your house will actually help you achieve any of your goals. What if the house sells for less than you hoped. What will be your next step?
Knowing why you are selling the house also influences how much you’ll price it for sale later on.
- Is this the best time to sell my home?
While interest rates play a big part in telling you if it’s good or bad timing to sell your home, so does the time of year.
As a full-time realtorⓇ who has been doing this for many years, I’ve seen properties sell best during the months of April, May, and June but don’t limit your hope on that small window, there are buyers during all seasons. You just have to accommodate your listing to the time of year.
- Should I price this by myself or secure the help of a real estate agent?
Your home’s price determines the success and failure of your home selling journey. If you price your home too high, your property will likely stay on the market longer. If you price it too low, you are leaving money off the table.
If you are familiar nor have any background in pricing in real estate, securing the assistance of a professional real estate agent in the best answer.
Your real estate agent will help not just in pricing, but also in marketing and staging the home. You’ll have professional guidance from the moment you list the property to the moment you have in the keys to the new owner at closing.
- What is my timeline?
Are you planning to sell the house right away or do you want to stay put until the time to move? Knowing your time has an impact on your pricing and home selling journey.
If you are pressed for time, you may have to drop the price to sell the house fast.
Upgrades that payoff and increase the value of your Shawnee KS home for sale
Home improvements, renovations and upgrades are great ways to extend the life of your home, add living space and make living more comfortable and secure. It also makes the property more appealing.
When you need to put your Shawnee real estate property for sale, will the home improvements you’ve made cause a sufficient impact to yield good returns?
Here are two things to know when it comes to renovations and upgrades.
- Not all upgrades can bring the additional value you hope for.
Some renovations will increase the value of your home, others can make it more difficult to sell. You need to know the right renovations and upgrades for your home.
As your real estate agent, it is my responsibility to help you know which upgrades can increase your home’s value.
- Renovations and style designs are personal choices, and not all home buyers will love the changes.
Homebuyersave their own preference, and at times, they may not be in love with the materials you used in the renovation.
What upgrades pay off when it comes to reselling the home?
- Kitchen. The kitchen is one of the favorite places home buyers check to consider whether or not they will buy your home for sale.
Because many people love to spend time in the kitchen, they prefer their kitchen to be efficient, functional and stylish. Kitchen upgrades are usually costly but have high returns.
- Bathrooms. Next to the kitchen, bathroom renovations are high on the list of considered upgrades when estimating the value of your home.
Because it is one of the prominent rooms of the home, buyers prefer bathrooms that are comfortable, modern, well-lighted and with a touch of luxury. Replacing your shower/tub combo with a frameless walk-in shower has a high return of investment.
- General maintenance. A gourmet kitchen and a newly updated bathroom will lose its appeal when there’s water leaking in the basement. The same is true when there are other general maintenance issues that are not properly addressed.
Essential components of the home like roof, windows, floor, and furnace all have a life span and have higher returns when replaced before due, especially for old homes.
You’ll find that as much as buyers appreciate the touch of luxury in the kitchen and baths, they would rather have a home whose roof and windows have been recently upgraded because that is one less worry and expense for them.
- Outdoor Improvements. Your home’s exterior creates the first impression that draws the buyer inside the home, so make your curb appeal count.
Repainting your fence and porch railings will brighten the look of your landscape and will be considered in estimating your Shawnee KS house for sale’s value. Window boxes, porch planters , and a new mailbox are all affordable upgrades that add value.
Siding adds to a property’s worth, especially if it is clean and well maintained.
Gardens and trees provide color, shade, and privacy. Think of how stunning the front lawn will look, especially during fall or spring.
A deck is a relatively low-risk addition with about a 78% return for composite and 87% for wood. You can also opt to include a cover or simply leave it open.
Fire pits and fireplaces are also great upgrades for your yards. There are plenty of fire pit options to choose from, ranging from inexpensive to expensive ones.
However, before you go make any upgrades to your home, remember to discuss with your real estate agent the appropriate upgrades you should make to your home. Your upgrades will vary depending on the neighborhood you are located in.
Are you ready to work on the worth of your Shawnee KS home?
As an experienced REALTORⓇ, I can help you with the stress and take the worry of selling your home right out of your hands.
I’ll take care of the real estate jargons and help you with proper market value, producing marketing materials, handling all the contracts, ensuring the safety of your home during all showings, negotiating the best sales price, and selling your home for the best price in the shortest time possible.
I’m Lea Deo. Call me at 913-233-9547 and I’ll answer the questions that will remove all the selling hiccups you may have along the way!
In case you cannot view this video here, please click the link below to view What’s My Home Worth in Shawnee KS on my YouTube channel: https://www.youtube.com/watch?v=HcOCsuEqfzg&feature=youtu.be