Nobody wants to think of their house as a devaluing in price but there are some major reasons why you could be losing value on your property rapidly. Some may be in your control and some may not be. There's a simple list of things that could be decreasing your homes value at the end of the day.
#1. Your home does not compare to similar homes in the neighborhood.
If you have the smallest and/or the home in the most disrepair in the neighborhood, it will drag down your homes value. Similarly, if you have the biggest and nicest home in the neighborhood it can also devalue your property. There is a fine line between the nicest house and the smallest house in a particular neighborhood. Appraisers look for similar homes with similar features in order to price the home, but if you have the largest home in a particular neighborhood, it may be the most expensive but it also might not be as expensive if it were in the neighborhood of similar properties. It's best to keep the home comparable to other homes within your neighborhood in order to get the most and proper value out of the property.
Related: Get the Maximum Value for your Home
#2. Heavy noise and traffic.
If you live in a flight pattern, next to a railroad track or a major freeway, this can actually bring down the price of your home without you doing anything at all. You probably noticed this when you moved into your home, unless you lived in the home for several decades and the noise has built up around you. Properties that back up to busy roads or power lines can be less desirable, which is why you'll need to emphasize positive features more and deemphasize the downside.
#3. Unnecessary upgrades.
Updates and upgrades can add value to the home but not if you are updating the wrong things. Swimming pools, outdoor living spaces and hot tubs don't add as much value as you might think, especially in places that have heavy winters. Home improvements that can add value would be an updated kitchen, bathrooms or additional bathrooms.
#4. Previous low appraisals.
If you had an appraisal in the past and homebuyers view this appraisal as the end-all when it comes to evaluating your property, it may not accurately show the value of the home today. It might be a good idea to talk to the appraiser about what led them to a specific value of your property and if you think something is missing, make sure you added in or ask for an addendum to a previous appraisal.
Read More: What about Zillow's "Zestimate"?
#5. Unappealing neighbors.
This is certainly something you may not be able to do anything about unless you have a good rapport with your neighbors. If there are junk cars in the driveway, unappealing landscape and homes in disarray, it can bring down the value of all the homes in the neighborhood. If you can, ask neighbors to park in their driveways or in their garages to clean up the street and make it not feel as crowded. You might suggest that this could also increase their value if they're considering selling in the near future.
Some of these things are simply out of your control but it helps to focus on the positive features and benefits of your property. Perhaps the home is in a great school district, has a low crime rate, has many interior upgrades and renovations, has more space than comparable homes in the neighborhood etc. It also helps to have an experienced real estate agent that knows how to emphasize the positive and deemphasize the negative on any particular property. For more information on pricing, evaluating and listing your Columbus home please contact our office at any time.
As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.