When Buying and Selling Real Estate, How Do You Determine Quality?

Understanding quality is critical at a time when real estate prices are at an all-time high. Despite this, homes that lack crucial perks and features are sold for record-breaking prices on a daily basis.

Despite individual preferences, real estate professionals see some features as adding value and specific deficiencies as decreasing value. There is a huge list of factors, some of which are more important than others. These must be considered by both sellers and buyers when determining how much to offer.

LOCATION, LOCATION, LOCATION
You've probably heard this a million times, but what makes one area more desirable than others? This is critical information to have, especially if you are unfamiliar with the area.

Safety, schools, and shopping are at the top of practically every buyer's list in this region of the East Bay. Their priority is determined by the buyer's age, marital status, and whether or not they have children.

Regardless, the bulk of local buyers choose to reside within walking distance of stores, which raises the price. Those who work a long distance from home like to be close to public transportation.

CONDITION
This is something I bring up in my posts frequently because too many buyers overlook it and too few real estate licensees emphasize its importance. Every day, homes are purchased with the buyer unaware of the need to spend tens of thousands, if not hundreds of thousands, of dollars to restore the property to its rightful state.

THEY WILL NOT LIKE IT IF YOU DO NOT LIKE IT.
What you consider to be a flaw will most likely be considered desirable by others. The more negatives there are, the more difficult the sale and the lower the selling price. Some customers are unaware of the significance of these flaws or choose to overlook them, including substantial repairs, believing they would "address them later." The unanticipated cost of doing so, as well as a lack of time, may intervene. When it comes time for them to sell, the disadvantages remain.

Size. Homes under 1000 square feet, particularly those with only one bedroom, are less in demand, yet everything goes in this market. When things slow down, really small houses are far more difficult to sell.

The floor plan is inoperable. This could range from a "railroad car" plan to one in which you must walk through the kitchen to get to the main bedroom. A customized task designed exclusively for one person could also be added. I've seen several examples: the rumpus room turned into a bowling alley (done 25 years ago), the garage converted into a family room, bedroom, or shop, and front sleeping quarters with no privacy. Unusual floor designs and specialize spaces have a narrow appeal.

Renovations that were ill-advised. In a traditional-style home, replacing wood sash windows with aluminum and covering hardwood floors with linoleum or tile fall under this category. They distract from the home's charm and character. Years ago, I persuaded my customers out of purchasing a charming 1920s home with an out-of-place contemporary addition. They are relieved I did.

Nearby properties are unappealing/poorly kept. Even in the greatest areas, nearby properties can have an impact on yours, for better or worse.

There are too many steps. Level-in is regarded positively; excessive steps are regarded negatively. The precise figure is arbitrary. You may be drawn to the house and dismiss its 40 steps up, but the reality of making that journey may change your mind over time.

Outside of the home. Many houses have modest or inaccessible outdoor spaces. For some, a deck is adequate. Most buyers, on the other hand, want a flat backyard where they can relax, provide a play area for their children, or grow.

Privacy. We all prefer our own personal space. Properties that are bordered by other structures that obstruct their privacy are less popular.

The proximity to a... Being across the street from or near to a school or most public parks is not a plus. If it's Golden Gate Park, it's a different story. The issues at hand are noise, traffic, and safety. This also applies to properties on major main streets.

Areas prone to earthquakes. Building and insurance restrictions may apply to properties located in Special Studies Zones. Some buyers will not look at homes in these neighborhoods as all.

There is no garage. In fast-paced markets, some purchasers reason that a garage is unnecessary, but most buyers prefer one for convenience, safety, and storage.

IF YOU DO NOT LIKE IT, YOU CAN CHANGE IT.
Some houses may not display well, but with a little originality and taste, you can improve the appearance and raise the value.

The exterior is unappealing. Perhaps it requires a new or different coat of paint. It will be beneficial to remove the old-fashioned metal awnings. Consider putting moldings or a new railing. It doesn't always take much to boost street appeal.

The interior is dark. Adding or replacing windows not only adds light but also improves both the interior and outside aesthetics. A few strategically placed skylights may transform a dreary home. Increasing lighting improves the living experience and adds value. Bright and sunny sells better than gloomy.

Charm is lacking. It's astonishing how certain people with the correct set of skills can turn an ugly, bland property into something snug and pleasant.

Landscaping. An appealing front and backyard are appealing. This is frequently a low-cost option.

FINAL CONSIDERATIONS
Those who value quality reduce their chances of overpaying. Markets shift, but quality remains consistent.