If you feel disappointed that you can’t get as much for your house as you believe you should, don’t feel alone. Most homeowners make the mistake of asking too much for their house. It’s only after they test the market that reality sets in and they have to lower their price or make an adjustment to the house to justify the price.
One of the biggest issues with houses today – particularly older properties – is that they suffer from neglect or old age, which means that sellers have to make repairs or upgrades before they can sell their properties. So, what is your house really worth? Below, we look at all the factors that affect property values in Louisville, Kentucky.
What Factors Influence Your Home’s Value?
Your home’s result value rarely rests on one issue. Instead, several factors influence your property’s value.
A Damaged House
If your house has sustained damage from a fire or natural disaster, its market value is likely to go down. Even if you make the necessary repairs, previous damage can raise a red flag with home buyers. They would rather buy a house with no damage than one that may present problems down the road.
A Vacant House
The longer a house sits on the market, the more difficult it becomes to sell it. If your house has been vacant for several years, buyers will become suspicious as to why you haven’t sold it yet. Vacant houses are often old or abandoned, making it increasingly difficult to find a buyer with an open mind.
Comparable Houses in the Neighborhood
One of the most accurate indicators of your property’s value is the price at which other houses are selling in your neighborhood. Real estate professionals call these houses comps. When looking at comps, you can do an appraisal or a comparative market analysis to determine what price range you will sell your house.
In the world of real estate, location is everything. The houses closest to schools, work, and shopping usually goes fastest. Properties in bad areas of town or out of town are harder to sell. One of the reasons your house isn’t selling may be that it’s not in an ideal location. If so, you may have to lower your prices to find a buyer.
The Real Estate Market
Some things can’t be explained. You may have a nice house in a nice part of town. There may nothing wrong with the house that prevents you from selling it. However, the real estate market in your area isn’t moving properties. It may be a buyer’s market or there may be a housing shortage. Either way, you can’t sell your house for the price you are asking.
What Should I Do if My House Doesn’t Sell for the Asking Price?
Before you move forward with selling your house, you need to take all the above factors into consideration.
- What is the current health of the real estate market?
- Do you have to spend a lot of money to prepare your house for a sale?
- How long has your house been on the market?
- What are the comps selling for in your area?
Something you else need to consider is whether there are any other circumstances keeping you from selling your house? For instance, are currently going through foreclosure, probate, divorce, or bankruptcy?
With all that in mind, you may want to consider selling your house for cash to a company that buys houses in Louisville, Kentucky if you can’t sell your house on the market. A cash sale may give you the flexibility you need to sell your house fast as-is for cash. Plus, you may get a better price than you think without the hassle of a traditional home sale.
Get a Cash Home Offer Today From We Buy Real Estate
If you need to sell your house, but can’t find a buyer on the market, we can help. We Buy Real Estate can buy your house as-is and pay cash. Sell your house fast in as little as a week. Call 502-458-2722 to get a fast cash offer.