Resale Factors Homebuyers Need To Consider

• The home’s current and historical sales price

• The comparable sales

• The location and neighborhood

• The market

• The size

The home’s current and historical sales price

Compare the current list price with what the home previously sold for. Tax records can provide the history of every time the house was sold along with the closing price; Your real estate agent can help locate this information, and it’s also available in public property records. Looking at historical price data will tell you if the value has gone up over time, and it is a decent indicator of what you can expect when it’s time to resell the property.

The comparable sales

Talk to your agent regarding the availability and compatibility of comps. Are there lots of comparable homes nearby, or is it hard to find similar properties? Good, close comps help to bring objectivity to the valuation process — something that’s important when you’re thinking about resale value. If it’s hard to find good comps now, it will be just as hard to find good comps later.

The location and neighborhood

While your agent cannot legally comment on the location and neighborhood, you can ask him or her to direct you to local data in order to come to your own conclusions. Research crime trends, potential new infrastructure plans, and zoning laws. You’ll also want to look at how quickly other homes in the neighborhood have sold; This is an indication of the neighborhood’s desirability among buyers. Make a list of any additional features that the neighborhood offers, such as security measures, amenities, community areas, transit accessibility.

The market

Talk with your real estate agent about the current reality of your local market. If you’re house shopping in a buyer’s market, you’re likely to get a good deal, but if it’s a seller’s market, you may be paying more. Market information is important now, and it’s also something to keep in mind as you think about resale. As a general rule of thumb, if you’re buying low (buyer’s market), chances are good that it’ll be easier to make a profit during resale. If you’re buying high (seller’s market), it might take more time to realize a gain, and therefore could be a greater risk in terms of resale.

The size

Trends vary greatly depending upon locale. In urban areas, smaller square footage is more common, while in the suburbs, buyers may be accustomed to something much larger. In some areas, the tiny home trend is becoming more popular as buyers focus on minimizing clutter and debt. A top real estate agent can help you determine what size home is most popular in your city.

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