A Few Things Which May Hurt Your Home's Value

So you live in a nice neighborhood, and have a lovely home. Awesome! But....there may be some things of which you're unaware which might hurt the value of your home. Among them:
Being the largest home in your neighborhood
While you may treasure the extra square footage in your home, appraisers don't quite see it the same way you do; any house which is atypical of a neighborhood takes a hit when it comes to appraisals. This includes being a 3,200 square foot home in a neighborhood where the typical square footage is considerably less. Sure, you may get more dollars in your sale, but your per-square-foot value may be less than what you had expected, given recent sales. This is one case where "bigger" may not necessarily be "better."
Lacking a room or space that's expected in homes in your neighborhood.
If most of the homes in your neighborhood have a formal dining room, and your home has only a family dining area adjacent to the kitchen, that may be a negative. Ditto the lack of a study or office, if such a room is typical of the housea around you. The same goes for having 3 bedrooms in a 4 bedroom neighborhood. While certainly not necessarily a killer for your ability to sell the house, it may affect the value of the house.
Being a "unique" house (architecturally speaking) in an area of more "typical" homes.
For instance, the Acadiana area of Louisiana - the southern parishes including Lafayette, Iberia, St. Martin, St. Mary, Acadia, and Vermilion - favor traditional architecture. Lovely though your contemporary-designed home may be, you may well be faced with a longer selling time and a bit less per-square-foot than you would face with a French country or Creole-styled home. "Familiar" bring comfort; "unique" can be unsettling to buyers. That isn't to say your home won't sell; if it's properly maintained, properly presented, and properly priced, it will. It just may take a little longer, and a more traditional house with the same square footage and amenities may bring a bit more in sales price.

Interest Rates At Record Lows!

If you've been thinking of buying a new home, but weren't too optimistic about being able to buy a "decent" house with what you had to spend, you might want to consult your Realtor and your mortgage professional now! A year or so ago, interst rates hovered around 6%, and everyone thought those rates were wonderful. Then came the last year, and interest rates began to fall....and fall....and fall. As rates fell, consumer purchasing power increased substantially. To read an intersting take on the new interest rates, check out this article from Realtor Magazine: http://tinyurl.com/3uqnyzz