Since the real estate market can rapidly change, resale value is often very different from the original cost of your home. There are many different factors that affect resale value, but if you know how much your home is truly worth, you can be sure of getting the best price possible when you decide to list your home for sale in Irvine.
Depending on how long you have had your property, it may have aged into appearing historic and charming to buyers. However, the majority of homes in Irvine are fairly new, with the oldest homes just a couple of decades old, which just makes them seem dated.
2. Problematic History
Even if your home is currently in good condition and situated in a nice area, a history of past issues might be a red flag for buyers. Floods, fires, or earthquakes can hurt your chances of a high resale price, even if it happened a while back.
The appeal of a certain location can change quickly as new buildings and infrastructure are created in your area. Closeness to desirable restaurants, useful sidewalks, and interesting shops can increase home price, but proximity to a noisy road, for example, may lower value.
4. Trendy Renovations
Interior design trends come and go quickly, and a home that was the height of fashion ten years ago may be unappealing to modern buyers. Dated trends like faux stucco walls or thick carpeting tend to decrease buyer interest and lower resale value. However, more recent renovations that are still on trend can actually raise value.
Most buyers have a particular square footage desire in mind, so oversized or undersized properties may not have a great resale value. This is particularly true if the home is oddly small or large compared to the rest of the homes within the area. However, current economic trends tend to favor small homes over big ones, so this can positively alter resale value.
Shopping for a new home? We can show you houses for sale in Irvine that meet your every need. To schedule an appointment give us a call at (714) 454-6304 or check out our inventory online.