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This Old House - Do-it-Yourself

What's My Willoughby OH Home Worth?

Written by Posted On Thursday, 11 January 2018 06:31

Find out your home's value.


Are you wondering what your Willoughby home is worth? Perhaps you are moving out for career advancement, or you're planning to put your home on the market because you're downgrading, or you're considering refinancing.


Knowing your home’s value will help you make informed decisions, whether it is regarding home pricing or refinancing.


How to know your home’s worth


There is no secret formula for coming up with your home’s worth. It’ll be based on different data and factors. Therefore, it is crucial that the valuation is done right because it will be the basis of your pricing.


It may be tempting to resort to online home value estimators, but you should know they are inaccurate. Online home value estimators use location and comparable data, but other factors come into play which affects your home’s worth. Factors like home improvements and remodeling are not included in online home value estimators.


The best source of an accurate home valuation is your local REALTOR®. REALTORS® or real estate agents prepare a Comparative Market Analysis (CMA) which contains data of properties in your area that were sold recently.


Factors that influence your home’s value


Your home’s worth is dependent on the following factors.


  1. Market Condition.The listing price of your home in Willoughby depends on the state of the market at the time you plan to sell or  have your home valuated. If the demand for houses is great but there’s limited supply, then you can increase your home’s price. If the demand is low and there are plenty of houses for sale, the price of your house will go down.


  1. Location. The type of neighborhood you live in matters when it comes to home value. Buyers are willing to pay top dollar when the home is in a convenient location - close to schools, roads, hospitals, commercial areas, and entertainment places.

It’s not just the present condition that affects the price or perceived value of the home. The possible developments that could be done to the  area in the future also also taken into consideration.


  1. The View. There are plenty of stunning outdoor views in Willoughby, and if your home happens to have a great view, buyers are more willing to pay a higher value.


  1. Home Features. What does your home offer? How many floors are there? How many bedrooms and bathrooms does it have?

Larger homes tend to have more significant values. So do homes with more bedrooms and bathrooms. House styles also count. Is your home style popular among buyers? These are some home features to be considered in valuating your home.


  1. Age and Condition. When your home was built, along with its current state and condition, weigh heavily on the home’s value. Older homes tend to have substantial and maintenance issues, which will inevitably drop the perceived value of the home.


  1. Upgrades and improvements. We know that upgrades like attic insulation can increase a home’s value. Adding another room, upgrading the kitchen and bathroom,  installing energy-saving appliances, the materials used for the upgrades, all these may increase the value of your home for sale in Willoughby. But in the end, it will be the buyer who’ll decide which improvements are of worth to him or her.


Would you like to know what updates can increase the value of your home? Visit my website for more tips and suggestions.


Call me, Christine Pappas, at 216-956-7635. I will provide you with a free, no cost, no obligation, home value report.

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