Factors that might Hurt a Home's Value

Courtesy of Metro for The Marshfield Mariner, April 11th, 2012
These days, homeowners looking to sell their homes know it is not as easy to do so as it might have been a gew years ago.  A struggling economy has made it difficult for many homeowners to sell their homes for an acceptable price.
However, the sagging economy is not the only thing can make it difficult to sell a home.  In fact, a host of other things, some obvious, some not so obvious, can hurt a home’s value as well.
Location — a home’s location is arguably its best or worst selling point.  A home in a great location will not be as dificult to sell as a home in a bad niehgborhood.  Nevertheless, location goes beyond a neighborhood’s reputation, especially in recent years.  Homeowners who live in a neighborhood or development with many forecosures might find those foreclosed properties are hurting their own home’s value.  A number of foreclosures could negatively affect a neighborhood’s reputation, which might make a home within that neighborhood less attractive to prospective buyers.
Appearance — a home’s appearance is an obvious variable that might affect its resale value.  Homeowners might want their home to reflect their own individuality, but that is not going to help when the time comes to sell the home.  If the exterior paint is out of the ordinary, then it might be wise to choose a more traditional or conservative color before erecting the “For Sale’ sign out front.  The same goes for a home’s interior.  If the interior design is especially unique, a more traditional interior decor might help the home sell faster.
Size and Style — another thing to consider when selling a home is its size and style.  A home that stands out on the block might be an attention-grabber, but that is not always attractive to prospective buyers.  For instance, a Colonial home, set in the middle of a street filled with contemporary homes, woll stand out, but for all the wrong reasons.  It may appear dated and out of place, which is an unappealing characteristic to some buyers.  In addition, if a home is considerably larger or smaller than the surrounding homes, this could hurt its value.
Non-conformity — in many ways, conformity is not considered an admirable trait.  When selling a home, however, conformity could make the difference between a home that sells quickly and one that remains on the market for months, if not years.  When shopping for a home, buyers often shp in certain neighborhoods and towns and might see many different homes within a given ZIP code.  Homeowners with homes that do not conform to others in the area might find it difficult to sell their homes.  For instance, homeowners trying to sell a two-bedroom home in a neighborhood filled with three-bedroom homes might notice their home’s value is not as high as that of surrounding homes, regardless of the neighborhood or how similar the home’s exterior is to surrounding homes.
Age — older homes might have character and a sense of nostalgia, but appraisers consider age when determing a home’s value.  Moreover, buyers tend to lean toward newer homes for a number of reasons, not the least of which is the feeling that newer homes hve far more modern amenities than older homes.
Follow Len and Leslie Marma of Success! Real Estate on their facebook business page, “Marshfield Matters” ….. click LIKE to receive real estate info and what’s happening in Marshfield. 

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