Sunday, September 2, 2012 / by Larry - Customer Support
Assessing the values of homes in Columbus is critical prior to listing it on the market for sale or before buying one. It is not absolutely necessary but a homeowner or investor can benefit a great deal from obtaining and learning accurate of home values in the specific areas of interest. The two simple advantage and disadvantage of evaluation of homes is that either you would set a steep price which would make it hard to sell the property or you would quote a much lesser price in which case you would make less profit. As a buyer you easily pay too much depending on the valuation and accuracy of the data.
Home prices in Columbus, Georgia and the surrounding area are consistently appreciated, mostly because of the natural appreciation of real estate. Depending on the neighborhood the homes are, home prices typically appreciate by 3 to 5% per year; however, appreciation has been non-existent in recent years in some parts of the country due to the housing decline. On the other hand homes have been known to appreciate in excess of 10% in periods of growth. That is why it is more important now that ever to get accurate information on your market to make the most of the current opportunities to buy low and sell high. So, what is the best way to determine the value of homes?
The simple answer is to hire an appraiser or a realtor that is experienced in your specific market, whether that is Columbus, Phenix City, Ft. Mitchell, Smiths Station, Harris County or elsewhere. You should check the appraisers or the real estate firm’s background and make sure they are licensed in the state of Georgia or Alabama. When you do get an evaluation of home prices, here are a few things that should help you to get the most accurate prices. Of course everyone wants to sell at the best price or get the best deal if buying. The true values are where the two meet.
The trend of home prices in your neighborhood is based on historical data and recent sales. However, the condition of homes and its attributes largely define the specific home prices. The most important factors are the foundation, exteriors, interiors, flooring, fixtures, appliances, roofing, driveway and garage. If the foundation of the homes is strong, exteriors are in good condition, interiors look upscale or better than the rest in the area, flooring is still relatively new or well maintained, there is a new roof or undamaged roofing, additional garage, concrete drive way and premium fixtures, then the home prices in Columbus are still very stable encouraging. However, deferred maintenance and repairs that are obviously needed can greatly reduce value creating a disadvantage for sellers but big advantages for buyer looking for a great deal that don’t mind putting in a little “sweat equity”. Many homeowners try to remodel their homes in prior to listing it on the market which can add substantial value and make the home sale much faster. An investment of a few hundred or a few thousands of dollars can make a huge difference in the home prices and payoff 5 to 10 times the cost of the repairs/upgrades.
Getting started with evaluation of homes can be a challenge for first time home buyers or sellers, especially those on a tight budget that do not want to pay hundreds of dollars for a full blown appraisal. The best start is to canvass the area and neighborhood where you are buying or selling. Call and get current list prices and find out what similar homes have sold for in the last 3-6 months. That is the key. It always helps to have a competent professional to guide the way. A member of the RealtyEdge Brokers team in Columbus, Georgia is always ready to provide no cost and no obligation home evaluation to help you make the best decision. You can contact RealtyEdge at 706-320-3343.