When talking about the median prices of homes in a certain area, you’ll be seeing prices as they relate to single-family homes. The median price is a good ballpark on what you could get out of your home if you were to list it on the market. As a pricing analyst, Crystal Wallace is able to help walk you through what goes into how much your property is worth. If the number is higher or lower than you anticipated, you’ll get the chance to do a deep dive and see where the discrepancy may be coming from.
Creating More Value With Your Property
For South Carolina, prices for single-family homes were up 13.7% year-over-year in October meaning homeowners now have even more value in their property. Even with higher prices, the market is still very much alive thanks to historically low interest rates bringing monthly mortgage payments back down. But how else can you improve your home’s value without waiting on the market?
Invest in High-End Finishes
Not all investments into a home increase the value, but the details on a home’s appearance have a tendency to drive interest more than most other affordable upgrades. Homebuyers today are looking to receive updated interiors that reflect the price tag. On the higher end, upgrades such as stainless steel appliances or new countertops are instantly seen by everyone who views the home. Quartz, granite and marble are all great options and come in more affordable styles compared to even five years ago.
On the lower end there are even more ways to subtly yet effectively increase the interest, and therefore value, of your property. Keeping the cost of upgrades as low as possible is the goal for many homeowners which means kitchen finishes may not be an option. Look at changing old door knobs and handles to newer brushed metals like nickel. Mismatched lights can throw off viewers as well so take the time to swap out all of the older, yellow bulbs for brighter LED lights.
Update Features to Prioritize Energy Efficiency
Building a home with energy efficient appliances and materials was once seen as a luxury, but now it’s become expected. There’s never been a bigger focus on energy efficiency to both save on utility bills and minimize environmental impact. Take a look at what could be upgraded and find out where you can get the most value out of each dollar. A new thermostat can be an affordable but effective option to get started as it keeps climate control operating only when needed.
Since kitchens and bathrooms are some of the most scrutinized rooms during a home viewing, focusing energy upgrades in these areas of the house should be the priority. Not only does it provide potential buyers with a modern home, it gives you a chance to update any trim or areas that have been damaged but hidden behind an appliance.