Aside

How does location affect my home value?

2015_04_byNC9331

We all know the three key factors in real estate: Location, Location, Location. Maybe it is an over-simplified axiom, but it is still relevant today. But what variables affect home price? Here are some of the major ones that affect locational home value:

  • On a cul-de-sac vs. drive thru street
  • On a busy vs. quiet street
  • Gated vs. non-gated community
  • Views of ocean, lake, or mountains vs. buildings, industrial, etc.
  • The School Boundary in which it lies (will go up or down based on desirability of school)
  • Walkability to outdoor activities, stores, restaurants, and businesses
  • Lies within a Natural Hazard Zone (Fire, Flood, etc.)
  • Known area to negatively affect value (such as soil settlement issues, nearby or in a commercial zone, under a flight path, near active train tracks, etc) 
  • Stage of neighborhood life cycle (Growth, Stability, Decline, or Renewal)

These are some key aspects to pay attention to and let guide your decision-making when searching for a long-term home.

Chris Chin |Broker & Owner

Seaside Realty

DRE 01882756 | SeasideRealtyVC.com

830 E. Santa Clara St.  Ventura, CA 93001

Cell 805.258.2870   Fax 805.856.1583

Aside

Why a Seller May Want to Consider a Pre-listing Home Inpsection

Home inspections are more associated with buyers, but sellers may want to consider a home inspection prior to listing their home.  Here are a few reasons why:

(1) The buyer’s home inspection has the power to put the deal back into negotiations.  With a pre-listing inspection, the seller can fix items that may come up during escrow.  With the necessary made repairs, buyers will have less of a reason to negotiate price or request repairs.  This puts the seller in the driver’s seat.

(2) Be certain a major issue doesn’t show up during the buyer’s inspection.  Depending on the situation, it may be beneficial for the seller to address any major issues that were unknown to the seller that could derail the transaction.

(3) If the seller chooses to not do major repairs that show up on a home inspection, then the homeowner can price the listing accordingly and make the issue known.  This can not only save the seller’s time but also helps prevent a buyer from cancelling escrow because it avoids the element of surprise for the buyer; informed buyers are less likely to cancel a transaction because they are prepared for any existing or potential problems before proceeding.

Any other city mandatory inspection would also be beneficial before the transaction begins.  For example, Ventura’s private sewer lateral inspection program became effective on Feb. 3, 2014.  Click link for details.  http://www.cityofventura.net/water/privatelateral.  Two other helpful inspections prior to listing are termite report and roof inspection. Seller-initiated inspections can save time and money in the long run.

August 18, 2014