Whether it's an entry-level home or a lakefront estate, no home is immune to the impact of foreclosures. By law, when a home sells and the new owners are applying for a mortgage, appraisers must use recent foreclosed home sale prices in our neighborhood to help determine the value of the home. While we can’t change this procedure, we can all partner to help protect the value of our home, and how our neighborhood looks does make a difference. These appraisal values impact the value of our home.
One or two foreclosures in an area of well-maintained homes will have less of an impact then foreclosures in a neighborhood where homes are not well maintained.
Here are a few simple suggestions to consider before you list your home for sale:
- Remove all dead trees, limbs & bushes, and keep shrubs & trees trimmed
- Mow, fertilize, edge & water the lawn
- Mulch beds, pull weeds & plant some bulbs or flowers
- Paint the exterior when required (usually every 5-7 years)
- Keep your mail box and exterior lighting in good condition
- Promptly repair any exterior wood rot to prevent its spread.
First impressions are lasting. The Geist area homeowners associations have a plan in place to keep our entrance areas attractive and in good repair. Sooner or later, we will all want to sell our home. Keeping our homes in good repair and visually appealing will promote the desirability of our neighborhood, generate buyer interest and, therefore, assist in protecting the value of our home.
Submitted by Marie Ippolito
