What Devalues Your Home?

In 2019, the real estate appraisal market size in the US amounted up to $8.98 billion, a figure which has remained somewhat stable since 2016. In life, you get what you pay for, a statement that couldn’t be truer for the real estate industry – especially when it comes to home value. 

6 Things to Watch

Many factors should be taken into consideration when determining what devalues you home. While some of those factors are in your (seller’s) control, others might not be. Here, we’ve listed down six factors that home appraisers will consider when determining your home’s value.

Core Real Estate Appraisal Factors

1) Location

First and perhaps one of the most important factors at play is the location. This can be broken down further to get a better picture of what we mean by location:

  • Access to services
  • Law and order
  • Transportation access
  • Neighborhood watches
  • Pollution, and other similar factors

2) Unappealing Exterior

Location is important, but what if you live on Washington Boulevard, yet have an unappealing exterior? Broken fences, browned plants, unpainted roofs, or doors, etc. paint a very poor picture of your property. Buyers will think the insides look the same and might pass on your house.

Home appraisers also take this into account when evaluating your property.

3) Animals as Residents

It’s one thing to live in a home where the previous owner had pets, it’s entirely another to try to sell a house with permanent reminders of your pets. This include:

  • Damaged floors
  • Scratched dry walls
  • Strong smells in the attic or basement
  • Permanent marks in cement, and many others

Try to clean and/or repair damages to minimize or eliminate devaluation factors of your home value.

4) Unnecessary Renovations

Regardless of how well you mean when renovating your place, some home renovations do little towards real estate appraisal and might end up being a poor investment if you’re doing it solely for property valuation. 

These include:

  • Overbuilding
  • Wallpaper over every wall
  • Going overboard with landscaping
  • Too many carpets
  • Selecting expensive high-end appliances and vanities

5) Bad Reputation

It’s one thing for the location to have a bad reputation. But if your house has a bad reputation or even the property on which the house is built, it could contribute immensely towards devaluating your house. 

Take the example of Jesse’s meth-lab contaminated house from Breaking Bad. The price comes down from $875,000 to $400,000, just because of the bad reputation.

6) Foreclosures

Buyers are usually wary of foreclosed homes – not just because of the low price but also because of the "as-is" clause. It presents an uncertainty that remains throughout the purchase and can only be fulfilled with a full home inspection. 

If your property is at risk of foreclosure, it is important to have a home appraiser take a look and determine your home value before the bank takes over. This will help you reassure buyers about the condition your house is in. 

Selling your home can be messy – from packing stuff up, hosting open houses, and the overall disarray. However, when it comes to determining your home value, that is something that can be done easily with proper help. Let us help you with your property valuation needs and everything else that comes with it. Your Local Home Appraisers are just a call or email away!

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Austin's housing and real estate sectors continue a boom that began during winter 2020 and has made for a red hot market, including a demand for housing that the city's supply of homes has since struggled to keep pace with.Read more

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1. The first thing is a lot like many things you might get ready to do is to get your ducks in a row, and have a game plan for setting up your appraisal. And of course  you can't know everything about everything so the right appraiser will provide those answers, and you will get the best results.

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We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

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