Columbus Ohio Real Estate Experts: Could These Things Be Decreasing Your Home's Value?

Could These Things Be Decreasing Your Home's Value?

 

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.Could These Things Be Decreasing Your Home's Value?

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.

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Columbus Ohio real estate - Vision RealtyAs 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.

 

Donald Payne - Vision Realty, Inc.
4608 North High Street

Columbus, OH 43214

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Comment balloon 29 commentsDonald Payne • December 30 2015 09:18AM

Comments

In our area, the ones that decrease the sale value is ridiculous asking price.

A garage with a top studio 1/1 without a house asking $1.98M.... Cash only.

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) over 3 years ago

Point #1 is really important because it many not seem as apparent to an average consumer and yet, it is crucial to blend in with your surroundings and neither price yourself right out of the neighborhood or look like you don't belong there in the first place.

Posted by Jill Sackler, LI South Shore Real Estate - Broker Associate (Charles Rutenberg Realty Inc. 516-575-7500) over 3 years ago

I totally agree with what Jill Sackler said in comment number 2 above!

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) over 3 years ago

Donald, good pointers for sellers to consider. Unfortunately, those you gave cannot be remedied by the seller. As you advise, they can only accentuate the positives of their home to get the best possible price they can under the circumstances. Good post!

Posted by Scott Pope, You Can't Live Without Water™ (Nautical Properties) over 3 years ago

Excellent points, Donald.  I have definitely seen some over improving their homes beyond the neighborhood.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) over 3 years ago

Our area is sensitive to the first two aspects you mention. Los of natives will not live near busy roads. When transplants from larger metro area, they are less sensitive to the surrounding scenarios, in my experience. 

Posted by J.R. Schloemer, CRS (Kentucky Select Properties) over 3 years ago

Donald, you have made some valid points that homeowners need to think about.  I once had a listing where the neighbor's home was fushia, and refused to paint.   It never sold.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) over 3 years ago

And this is why we want to shake the hell out of  "for sale by owners."

Posted by Ron Aguilar, Mortgage & Real Estate Advisor since 1995 (Continental Mortgage) over 3 years ago

Great post Donald.  #2 is a big one, it often gets factored into the list price of the home.

Posted by Ryan Huggins - Thousand Oaks, CA, Residential Real Estate and Investment Properties (https://HugginsHomes.com) over 3 years ago

All good points, Donald. This kind of information will  help some sellers come around to realistic expectations. Congrats on your well-earned feature.

Posted by Elva Branson-Lee, CDPE - Atlanta Real Estate & Short Sale Agent (Solid Source Realty GA) over 3 years ago

Donald, great list that if followed could make a big difference for Sellers.

 

Posted by John Wiley, Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA (Right Move Real Estate Group- EXP Realty) over 3 years ago

Good post DP. Happy New Years to you and your family!!

Posted by Joe Jackson, Clintonville and Central Ohio Real Estate Expert (Keller Williams Capital Partners Realty) over 3 years ago

Great reasons to price homes if they have any combination of these factors!!!

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) over 3 years ago

These are good pointers for sellers, and there are definitely things that can decrease a home's value that sellers may not be aware of.

Posted by Kat Palmiotti, The House Kat (406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!)) over 3 years ago

Hello Donald. A professional home stager can help mitigate these problems. Our job is, as you say in #2, to "emphasize positive features more and deemphasize the downside".

 

Posted by Janelle Ancillotti, HSR Certified Home Stager, Syracuse, NY (Seneca Home Staging) over 3 years ago

Donald, great article about things that can decrease your property value, except I disagree about the smallest house in a neighborhood. My experience shows that the smallest home usually sells for the most per square foot, while the largest homes are often sold for less per SF. I agree completely on all other points. Great post and congrats on the feature!

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) over 3 years ago

Thank you for your comments and I see I am not alone in struggling to help sellers out in these.

Posted by Donald Payne, What's your Vision.. (Vision Realty) over 3 years ago

Donald, excellent post. Sellers sometimes cannot see the forest for the trees. "Lovely" neighbors always a plus.

Posted by Jon Quist, Tucson's BUYERS ONLY Realtor since 1996 (REALTY EXECUTIVES TUCSON ELITE) over 3 years ago

Add me to Sybil Campbell  & Jill Sackler 's thought process. Thank U & good post

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 3 years ago

Great things to consider, Donald. I especially worry about #5 (the unappealing neighbors). And not just junk cars in the driveway, but too many cars in the driveway always means trouble.

Posted by Cheryl Dukes . . . . . Intown Atlanta (Solid Source Realty, Inc.) over 3 years ago

Nice way of saying 'this is why your home won't sell'. You're under the freeway entrance ramp ....

I consider some of these tough sells & you have to compensate for a flaw with a positive. Freeway entrance ramp vs. staged interior, etc.

Sometimes you just can't do anything about the neighbors. A few years ago I had a buyer that was interested in a foreclosure & I knew exactly what the problems was - biker neighbors. I actually said you will probably always have problems with them like already drinking in the front yard at 10am.  They're already telling you UPFRONT how it's going to be. RUN.

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) over 3 years ago

Excellent Points made.  Although Sellers believe they have a "gold mine" to sell, they often wear blinders and refuse to visualize from the Buyers perspective.  As an advertising exec years ago, I learned people from war torn countries dislike the color "red" as it reminds them of blood.  Would you show them a home with accent red walls?  I constantly learn a new tip every day and always pass it along when applicable.

Posted by Carol Lozito, P. A., Fla. Probate Realtor & Waterfront Home Specialist (K Company Realty LLC) over 3 years ago

When you do upgrades to a home it is always nice to get your money back when you sell, but in most cases you better just do them because you want them.  Often they do not increase the value by as much money as you put in them.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) over 3 years ago

Donald Payne - unnecessary upgrades! And that's what I see in some homes around.

Lots of upgrades do not mean the price of the property will go up. Simple, isn't it?

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 3 years ago

Those neighbors...can't control them but they can sure have an impact on your home!

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 3 years ago

Excellent list.  I find upgrades or lack thereof and neighbors with the trucks, trailers or boats are the biggest factors that I've encountered. 

Posted by Christi Farrington, ~ Your representative in Fairfield County, CT (Dagny's Real Estate) over 3 years ago

Great post!  I have seen most of these things, if not all first hand.  My parents were a victim of a couple of them too.  I think the closer you are to being the "middle of the road" home in you neighborhood, the better off you will be!

Posted by Deleted Account over 3 years ago

Nice list to pass on to potential sellers ...but would add #6 DIY projects.  

Posted by Donna Lewis Stiles - Ocean Pines MD, Your Guide to Beach Home Living (PenFed Realty - Resort Group) over 3 years ago

Hi Donald- I came over from Winston's reblog of your post.  We have friends who are dealing with issue #2.  

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) over 3 years ago

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