Buy Today but Keep the Future Value in Mind
Buy, sell, or stay stagnant? As we head somewhat uncertainly into 2023, many are asking themselves this question. Luckily, research provides market projections from which to draw conclusions and make informed decisions. Buying a home never seems necessarily easy, but based on the data, it’s easier than you may think.
Past trends and studies show that 2023 will likely be a relatively slow home price growth year. Estimated future home value is not set to skyrocket any time soon, so now is the time to consider buying. However, it is important to consider the estimated future home value when buying a property. You never know what the future holds, so you want your home to have high worth.
Compare your purchasing criteria with valuable reselling points
Once you figure out your needs and wants in a home, you should cross reference this list with features that determine your future home value estimate. Whether you buy a house with excellent features throughout or plan to upgrade many of them, it is crucial to think about the worth of your home down the line when you could be the seller instead of the buyer. In addition, the surrounding area can increase the value of your home in various ways.
Here are some profitable features that will increase your future home value estimate:
Location and neighborhood: If your home is in a desirable area, many families and young buyers looking for safety and comfort will be drawn to it. A great location also increased your appreciation potential, or the increase in your future home value estimate over time.
Sale prices of comps: It is important to research the comparable homes nearby (also known as comps) that have sold for similar prices. Oftentimes, houses within the same neighborhood are similarly desirable, so you can base your future home value estimate on these homes.
The home’s current and past prices: By knowing the property’s current and historical selling prices, you can predict the estimated future home value based on current market trends. However, instead of using a future home value calculator, reach out to a professional real estate agent for reliable insights into your home’s potential.
Home size and layout: The square footage of your home if essential to potential buyers, and a desirable layout is always an added bonus.
Age and condition: If you buy a beautiful older home with an upgraded interior, many buyers will be after your home. However, an older home with no updates and safety issues can decrease your estimated future home value.
Nearby draws: If your home is near parks, shopping areas, or in a walkable community, the estimated future home value may be much higher than those in quiet rural communities.
Unusual quirks: If your home has any unusual features, such as a strange layout, dumbwaiters, or other uncommon elements, some buyers might love it… and some might not! Consider your local market and if nearby buyers will enjoy these features just as much as you before buying a home riddled with eccentric facets.
In addition to choosing a home with desirable features, there are numerous other ways to peak potential future buyers’ interest in your home. If you do your research, your new home could turn out to be an excellent investment opportunity.
Determine your appreciation potential with an experienced agent
If you want to avoid typing “future value of my home” into the search bar only to spend hours perusing convoluted articles about your estimated future home value, speak with a professional. One of our experienced real estate agents at Pan Florida Realty can help you determine the appreciation potential of any property, and their knowledge of the market can’t be beat.
