What Affects Home Value?

Whether you are preparing to place your home on the market to sell or make an offer on your dream home, it is important to understand what affects home value. Appropriately pricing your home makes the selling process much smoother. Making a reasonable offer on a home increases your chances of it being accepted. These are the key influential factors you should keep in mind.

Selling History

The previous sale prices of the home will give you a general idea of what the home may go for now. However, it is important to take into account any major changes that have happened to the home and/or the surrounding area. Significant changes may make historical sale prices of a piece of property not quite as accurate.

The Local Real Estate Market

The state of the housing market has a significant impact on a home’s value. Just like any other product or service, it is dictated by supply and demand. For instance, if there is low demand and an abundance of homes on the market, home prices may be down because the market is flooded.

Location of the Home

The neighborhood a home is located in important in assessing the value of the home. Take these factors into consideration:

• Crime rates
• Quality of the school system
• Proximity to amenities, services, and employment opportunities
• Prices of comparable homes in the area and/or neighborhood

Condition of the Property

Take into consideration the age and condition of the home. Newer homes and even well-maintained older properties tend to sell for more because they aren’t expected to require as much maintenance. On the other hand, homes that haven’t been as well kept tend to go for less. This is because of the anticipated major expenses. Look at the home’s structural integrity, plumbing, and electrical work.

Partner with a Professional

When it comes time to sell your current home or buy a new one, partnering with an experienced Realtor will help ensure that you receive top-dollar price for your home and get your new home for the best price. Feel free to contact me with any questions you may have at 407-330-2181 or gittasells@gitta.com. Until next week, stay safe!