The Value of a Home
Northern
Virginia Real Estate Guide...the home of buying and selling homes in
northern Virginia
presented by Tom Vesolich in affiliation with RE/MAX Elite Properties
The value of a home is the amount a buyer is willing to pay under a given set of circumstances. The seller sets the price, but the buyer determines the value.
A home surrounded by smaller, less expensive homes decreases in value. A home surrounded by larger, more expensive homes increases in value.
Value is not determined by cost or how much is invested, but by the benefit or value derived. For example, a home with a new roof that cost $6000 will probably not sell for any more than a home with a new roof that cost $3000. The value is in keeping the home protected from the elements, not the cost of the protection.
Value is determined by what a purchaser gets from a home, and not what a seller has put into it.
Improve your home for your pleasure and enjoyment and not because you think you might add value for a resale.
Base your opinion of value on documented recent sales. It’s what a purchaser’s lender and appraiser will do.
A seller’s need for money does not increase the value of a home.
Value is specific to given location. The same home in two different areas will probably have different values.
A home that is priced right is more likely to attract an offer closer to the listed price.
