Staten Island Home Valuation
Staten Island Real Estate Market
The most important item to consider when beginning to estimate the value of your home is to take into consideration the current overall and local real estate market conditions around Staten Island. Among the best indicators of what your home on Staten Island may be worth, is the sale of similar homes in terms of land size and house structure attributes, near you. This is why it is crucial to enlist the services of a local real estate agent, as they have access to the most current and relevant market data. As a courtesy, we have put together a recent, detailed report of the Staten Island residential real estate market here.
Location of your Home
Staten Island’s real estate market can be broken down into several distinct local regions. These are Greater St. George, North Shore, East Shore, The Hills, The Lakes, Heartland, Gateway and South Shore. Each of these local regions has distinct and dynamic real estate market sales activities based on a wide variety of factors. Local Schools, public transportation infrastructure, Retail and Commercial activity, and population density are just a sample of factors that determine the value of your home as it relates to its location.
Property and House Attributes
As it would be fairly obvious, in addition to the regional location of your home, the size of your property lot, and the attributes of the house structure come into play as important overall home value factors. A larger lot in a similar location and condition will invariably command a higher valuation. The characteristics of the house also affect the price. These factors are a very wide array, and include features such as, the total square footage, attachment (townhouse, semi-detached, fully detached), the number of bedrooms, the number of bathrooms, garage, basement etc. The expertise of your real estate agent is an invaluable asset when it comes to translating all of these key factors into a competitively determined real estate market price.
Condition of your House
The condition of your house and lot is another group of factors that must come under consideration when determining an appropriate value for your home. Examples include the interior paint, the state of the boiler, heating, and air conditioning systems, carpets, doors, cabinetry, appliances, landscaping, driveway, garage. From a buyers perspective, they will usually want these items in relatively good condition, otherwise, they will calculate the costs of renovation, thus lowering the offer that they may give you. A seller would have to account for this in the price for which they list their home on the real estate market.
Amenities such as a pool, guest house, modern appliances, designer fixtures, sauna, gym, large garage, or any other feature that can be considered non-standard all add to the value of your property. It is crucial that you use the services of a Staten Island real estate agent in order to properly determine how significant these amenities are when it comes to determining an appropriate price to bring your property to the market.
Benefits of Proper Pricing
Faster Sale: The proper price gets a faster sale, which means you save on mortgage payments, real estate taxes, insurance, and other carrying costs.
Less Inconvenience: As you may know, it takes a lot of time and energy to prepare your home for showings: keep the property clean, mage arrangements for children and pets, and generally alter your lifestyle. Proper pricing shortens the amount of time your house will remain on the market.
Increased Real Estate Agent Response: When real estate agents are excited about a property and its price, they make special efforts to contact all of their potential buyers and show the property whenever possible.
Exposure to More Prospects: Pricing at the correct real estate market value will your home up to more people who can afford it.
Better Response from Advertising: Buyer inquiry calls are more readily converted into showing appointments when your home’s price is not a deterrent.
Higher Offers: When a property is priced correctly, buyers are much less likely to make a low offer for fear of losing out on a great real estate value.
More Money to Sellers: When a home is valued properly, the excitement of the real estate market produces a higher sales price in a shorter period of time. You will NET more due to the higher home sales price and lower home carrying costs.
Drawbacks of Over-Valuing Your Home
Reduces Activity: Real Estate agents won’t show the property if they feel it is priced too high.
Lower Advertising Response: Home buyers’ excitement will be with other homes that offer better value because of a more competitive home market price.
Loss of Interested Buyers: The property will seem inferior in amenities compared to other homes for sale in the same price range that are correctly valued.
Attracts the Wrong Prospects: Serious buyers will feel that they should be getting more for their money, whether that is more land, larger house etc.
Helps the Competition: The high prices make the other look like a good deal.
Eliminates Offers: Since a fairly priced offer will be lower than asking price and may insult the seller, many buyers will just move on to another house for sale.
Causes Appraisal Problems: Appraisers must base their value on what comparable properties have sold for.
Lower Net Proceeds: Most of the time an overpriced property will eventually end up selling for less than if it had been properly priced, to begin with, including associated extra carrying costs.