maui home source -maui real estate- GRAY RINGSBY, REALTOR
What's my home worth?
What is my home, condo or land worth? The answer to this question is tied to the current Real Estate market in the area that your property is in. There are quite a few factors that go into determining value. The current market has gone up fifteen to twenty percent in the last seven years. We are currently experiencing strong sales in most areas of Maui. This demand is driving prices up.
Location, size of lot, size of dwelling, and the age/condition are determining factors. We base our analysis on a careful comparison of similar recent sold properties, other properties currently listed, and properties that are not selling. The prices are market driven and properties will only sell for what the market will bear.
The most important factor in selling a property is setting the correct price. Why is this so important? Because properties that are priced too high do not sell. The ones priced too low, sell fast but they could have sold for more. The homes priced just right create a lot of interest from buyers and they sell quickly but for the maximum price. Homes listed by Coldwell Banker agents sell for higher prices than the competition. Why? Name recognition and better price setting.
What can a seller do to increase the value of their property? There are many ways from simple items to complex. Curb appeal is the first impression buyers get of your property when they drive by. Simple and non expensive items such as removing clutter, trimming vegetation, and a tidy yard can boost your homes' value and appeal to buyers. A fresh paint job can do wonders for a property by making a good impression.
The next level of increasing value is renovation. There are many different levels as well and can involve updating kitchens, and bathrooms with new finishes and cabinetry. New appliances and lighting can increase value as well. Entertainment rooms and home offices are very big right now. Probably the biggest return on investment is updating the kitchen. Kitchens are the center of a home. There is an old adage that the kitchen sells the home.
The next level beyond this is adding on square footage. Adding additional rooms, or even structures like guest homes add value as well but the return on dollars spent may not be as high. People in Hawaii in particular like to have outdoor areas to entertain. These areas can add a lot of value.
In summary, properties that have a well maintained and manicured appearance sell for higher prices than similar homes that are not in good condition. "Fixer-upers" always sell for less than homes that have already been fixed up. Let us do a free analysis of your home to see what it is worth. We can also give great suggestions on how to make your property more presentable and sellable.