The realistic market value of any given home in Charlotte NC involves many factors: location, condition, layout/style, neighborhood, amount of living space, amenities. Finally and most importantly, recent sales of similar nearby homes adjusted in comparison to your home.
That being said, there are also some things that are NOT involved in analyzing a home’s current value.
5 Things That Have Nothing To Do With What Your Charlotte NC Home Is Worth:
1. What you paid for it – The price you purchased the home for has absolutely nothing to do with what a buyer would realistically pay for it today.
2. The amount you’ve spent on improvements – Dollar amount spent on home improvements does not automatically add that same amount to the current value of your home. While many changes may add value and even if they don’t can make your house more appealing to buyers, it’s not a dollar for dollar equation and some changes can actually decrease value!
3. What your neighbor sold for more than 6 months, or even a year or two ago – Market conditions change over time (for better or worse) and sales from more than 6-12 months ago have nothing to do with today’s conditions.
4. The amount you need/want to put toward your next home purchase – Market value is set by what current buyers are willing to pay for similar homes, it has nothing to do with your personal goals.
5. The average or median price for the entire city/county – Charlotte NC real estate is local down to the neighborhood level, homes across town from yours have no relation to what is going on in your specific location.
So, what DOES impact the realistic value of any Charlotte NC home for sale?
– Recent, similar, nearby successfully closed home sales AND…
– The competition you face from other Available Charlotte NC homes for sale (both in and near your location/neighborhood). If buyers can get more for the money in competing homes…they will!
Copyright©2011 by Diane McDermott, All Rights Reserved, “5 Things That Have Nothing To Do With The Value of a Charlotte NC Home for Sale”
The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC’s real estate market serving neighborhoods in Charlotte NC