South Orange County Blog from Bob Phillips

Where to Look for Hidden Gems in Real Estate

Posted in Home Buyer Tips, Home buying, Homebuyer Tips, Homeowner Tips, Real estate, Real Estate Tips by southorangecounty on March 24, 2014

From Activerain.com, a Nationwide real estate community of agents.

Pricing a home is more art than science.

Get beyond the standard information you can search online like square footage, bedrooms, bathrooms, year built, etc. Homebuyers should be on the lookout for some of these hidden gems that may undervalued (or not even included) in the listing price.

We asked the ActiveRain community to tell us what they thought were some   of the hidden gems in real estate, it’s no surprise that some people thought certain features ‘a waste of money’ while others thought the exact same   feature ‘worth every penny!’

But at the end of the day, real estate professionals are in agreement, there are certain hidden gems in a home that have the potential to add long term value for a buyer and might not be actually reflected in the selling price.

This community sourced data allows a buyer to look beyond the obvious things that affect price and identify hidden gems that could add value to the next home they purchase.
ActiveRain_Hidden_Gems

As real estate professionals, the ActiveRain community sees a lot more homes get priced and sell than any other community on the internet. This makes  them uniquely qualified to share with you what are some of the best hidden gems in real estate, those things that often get missed in the listing price but that can add tremendous value for a buyer looking for their next place to call home.

We asked over 1500 real estate professionals three primary questions. Their answers shed some light on the hidden gems every buyer should be on the  look out for and also that every seller should consider highlighting when they market their own home for sale.

Rate These Hidden Gems that Frequently are Not Reflected in the Listing Price that Buyers Should Be on the Lookout for.

Each potential gem could be rated

  • not valuable
  • slightly valuable
  • moderately valuable
  • very valuable…..hidden gem!

Here is how real estate professionals saw things…..

Are there hardwood floors lurking under the carpet? If you’re a seller, you should play up that angle. Sure, it’s going to take a little work from the buyer to make them shine, but based on these results, real estate professionals believe that hardwood floors under the carpet are a hidden gem that doesn’t get adequately reflected in the listing price of a home.

Who doesn’t want great neighbors? For many people moving in, the neighbors are an afterthought. You meet them after you move in. Real estate professionals however believe there is intrinsic value in having great neighbors. Over 42% of real estate professionals believe having great neighbors is generally not reflected in the listing price of a home but something buyers will ultimately come to value a great deal.

Unfinished spaces aren’t as valuable as you might think, or at least as valuable as we thought. Over 67% of real estate professionals believe that having unfinished spaces in a home (that you could seemingly finish to give yourself more space) adds only slightly or moderately to the value of a home.

These Items are Typically Reflected in the Listing Price. Rate These Items….Are They ‘Worth Every Penny’ to the Buyer?

Each potential gem could be rated

  • Waste of money
  • slightly worth it
  • moderately worth it
  • worth every penny!

Here is how real estate professionals saw things……

Sellers, in particular, should take notice of these results. Real estate professionals believe amazing views and a new roof are typically worth every penny that a buyer will spend to buy a home with those attributes. How do they know this? Because every day they work with buyers looking for certain things in a home. Most of us can’t change the view from our home, but if we have a great one, these results say it makes sense to market the heck out of the view if you are trying to sell.

As a seller have you been marketing the fact that the home sits on a corner lot? Maybe that’s not the best angle. It could be that marketing the fact that home has a large yard is a better route to take. Real Estate professionals seem to agree that a large yard is more valuable than a corner lot.

Lifestyle attributes are about location, not the physical home. Rate these items that are normally reflected in the listing price based on their value.

each potential attribute could be rated

  • waste of money
  • not usually worth it
  • usually worth it
  • worth every penny!

Here is how real estate professionals saw things…….

Neighborhood quality and schools dominate. Commute times and access to transit and other amenities are rated less high. Which would seem to mean that people are willing to sacrifice being closer to jobs and amenities if it means they can find a home with great schools and a neighborhood they love.

These results also seem to indicate that lifestyle is pretty important across the board as very few real estate professionals saw any of the lifestyle attributes as a complete waste of money.

 

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