Page 7 - HomeFit.17 - Hakola

the ones we mentioned earlier That’s because different buyers in foreclosure or bank owned,
in this article, and review the have different perceptions. was $110,500 in November 2013,
differences between the prices of Some buyers may consider new or 39% below the median price
comparable homes of different appliances or hardwood floors of $181,500 for a non-distressed
ages. as a standard fare and not put residential property. According
much value in them. So, again, to the BankForeclosureSale.com,
You could find that homes 10 the best way to determine the a distressed property sells for
years old, sell for 6% less than value of your home’s amenities is about 30% less than a home not
homes that are only five years to review the prices of different in foreclosure.
old. The point of the exercise comparable listings selling with
is to get a ballpark estimate, so the amenities to those selling So, if you live in a neighborhood
that when you do sit down with a without them. where there are some recent
real estate agent, you will have a foreclosure sales, it will tend to
pretty good idea of your home’s Foreclosed Homes bring down the value of your
current market value. property and force you to price
Finally, another factor that can your home lower. However, the
Other Factors affect the value of your home good news is that foreclosure
that you have no control over is sales are slowing down and
In addition to square footage, the sale of foreclosed properties there’s a chance your area will
the construction and age of your in your neighborhood. According not be hit as hard, or affected at
home, there are other factors to RealtyTrac, the median price of all.
that will affect its market value – a distressed residential property,
such as amenities.

For instance, a home with a
built-in pool or sauna will have
a higher value than a home that
doesn’t have these amenities.
Such improvements as hardwood
floors, updated kitchens with
granite countertops and
new appliances, or upgraded
landscapes all add value to
your home. In addition, a great
waterfront or mountain view
can increase the value. However,
it can be difficult to figure out
exactly how much value these
amenities really add.