Why isn't your San Antonio home selling for the price you want? Check out these 9 factors that may be affecting your home's resale value!
Are you selling a home in San Antonio? Considering the booming local real estate market, we don't blame you! Homes are in high demand, and buyers are willing to spend top-dollar for homes they love.
But, besides high buyer demand, just what numbers will go into calculating your home's resale value?
1. Where is it located?
Your home’s pinpoint on the San Antonio map matters. A home on the Outer West side might appeal to a growing family looking for an affordable home, whereas Alamo Heights buyers might be looking for mid-century details and old-world luxury. Southtown offers plenty of walkability and culture, whereas those house hunting in the Stone Oak area might be assessing top schools and proximity to the medical center. Our advice? Know your audience. If you live in a location that draws in a specific demographic, cater to those buyers and highlight positive features of the area.
2. How walkable is your San Antonio neighborhood?
As more and more residents are looking to live in areas with bike paths, public transportation routes, and attractive streets, the walkability of your San Antonio neighborhood has the potential to affect your home’s value. Many homeowners want to remain close to local grocery stores, boutiques, and restaurants. Find out your neighborhood’s walk score here, and factor this information into your home’s value!
3. What's the size and layout?
Your home's square footage, specific floor plan, and number of bedrooms and bathrooms can seriously impact your home’s value. Though at one point in time, buyers believed “the more square footage, the better,” it seems current buyers are using a more moderate approach. Whereas tiny homes still aren’t a widespread phenomenon (yet...), overly large homes also seem inconvenient, hinting at excess and a whole lot of cleaning. Likewise, configuration of your home is important to buyers. An open floor plan with an extra bathroom certainly never hurt anyone.
735 E Guenther St is a charming luxury property that dates back to 1905.
4. How old (and updated) is it?
Is it hard to sell a historic home? It depends! Some buyers love well-maintained old-school gems ( like this adorable little King William bungalow), while others see them as out-of-date and unreliable. The difference between the two? It seems the secret of turning “age” into “charm” lies in maintaining the home’s best features and adding the right updates. Hint: keep the crown molding and original hardwood floors (and rip up that shag carpet).
6. Is it aesthetically pleasing?
This may seem like Rule #1 when it comes to selling your home...but it still bears repeating: clean, attractive homes always sell best. Clear your home of evidence of pets, spend that extra time and money on a deep clean, and clear out the clutter. Turn on the lights, open the curtains, clear off the shelves, and welcome in the offers!
905 Agarita Ave (another flipped historic property) has been updated in all the right ways.
5. Have you made the right renovations?
Most likely the biggest (and most expensive) mistake sellers face is putting time, money, and energy into the wrong renovations in the wrong rooms. Common mistakes include: focusing too much on one area of the house, spending too much money on luxury upgrades, renovating according to your very specific taste, and any kind of carpeting. Instead, experts recommend focusing on three particular areas: kitchen, master bathroom, and master bedroom.
7. Which homes are nearby?
When a selling a home, it’s important to remember that everything is relative to the surrounding neighborhood. Context is huge when determining home value! If your home is a large, luxury property in the middle of a mid-range neighborhood, the extra square footage and features might actually hurt your sale. Likewise, the simplest house in a luxury neighborhood will be more difficult to sell. For this reason, experts recommend keeping an eye on the neighborhood when making improvements. If your home is “over-improved” compared to the surrounding homes, buyers might veer away from it. Additionally, your property might not “appraise out” if there aren’t comparable sales in the area.
3911 Park Gate St's curb appeal is simple, yet refined.
8. How's your curb appeal?
An unappealing first impression can do a good deal of damage to your home’s value. Overgrown grass, unsightly branches, or an unkempt porch can hint at high-maintenance upkeep and low-quality home features. But note: amping up your curb appeal doesn’t have to mean planting a full garden or buying expensive lawn furniture. Instead, make your home’s “storefront” clean, well-kept, and simple.
9. How energy efficient is your home?
Those solar panels on the roof are doing more than making your house look cool! Studies have shown that energy efficient homes are gaining resale value by the thousands. Besides reducing your carbon footprint, energy efficient homes turn out cheaper utility bills and a much more sustainable lifestyle.
Thinking about buying or selling? Talk to a lender about your mortgage possibilities (and a KW agent to see what’s out there). Or if you just want to store up your knowledge of the homebuying process for the future, download a FREE copy of our exclusive Buyer’s Guide (created specifically for the SA-area buyer)!