There are many things that can affect home value so I made a list of the top items that could have an impact on your home value.  Some of these you can correct and some you cannot.

  • Location - Location can affect value especially if zoning changed in the area and now something undesirable is built.
  • Lack Up of Updates - You can fix this with a minimal investment. I have see great improvements with paint and replacing all light fixtures. You can obviously go as far as you want but be careful and don't go to far!
  • Short Sales and Foreclosure in your area - As the inventory for these sales types continues to go down it will have less of an impact on your home as time goes by. The reason is that appraisers will look at the last 3 months of sold comparables in your area and as time passes these sold sales will not be included as comparables.
  • Deferred Maintenance - This is probably the easiest to avoid but I see a lot of when viewing a home.  Maintain all systems and functional parts of your home and the cost will be less than complete replacement.
  • Out-Dated Floor Plan - Buyers today want an open floor plan. Other issues include homes with no closet in the bedroom or having to walk through a bedroom to get to another bedroom.
  • Turn-Key - Buyers don't want to have to put more money into a home after they close so having a home move-in ready is a HUGE plus.
  • Unfinished Projects - Make sure to finish all projects started.
  • Curb Appeal - Your home could be beautiful inside but buyers will drive on by if your home does not have a great exterior.

If you would like to know the value of your home in Albuquerque or Rio Rancho New Mexico click here for a FREE Market Analysis.  You can also contact us at (505) 259-3150.

Posted by NMWelcomeHome Team Associates (505) 886-1432 on
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