In today’s real estate market, determining the right list price for your home is crucial. If you price your home too high, it could sit on the market for a while and become more difficult to sell. It’s important to understand the different factors that can affect your home value to ensure your home is priced correctly before putting it on the market.
Location
The location of a home is huge when it comes to your home value. Buyers can always change things about the home they might not like, but you can’t change the location. The location of your home might be near your work or your favorite coffee shop, but when appraisers come out to inspect your home to determine value, they’re looking at four things:
- School system quality
- Neighborhood desirability
- Employment opportunities
- Proximity to highways and amenities
All buyers are different and might not have these items at the top of their lists, but they’re important to remember.
Size
Size is important when pricing your home because bigger homes with more living space are likely worth more than smaller homes with less living space. Things like the number of bedrooms, bathrooms, and the lot size are incorporated into your home value.
Age & Condition
Newer homes have more updated amenities and mechanicals like electrical, roof, windows, and more. These items help homes increase in value. However, if an older home has been updated nicely and has been well-maintained, it can also appraise for top dollar.
Real Estate Market
The real estate market is out of our control, but it’s important to stay informed about what’s going on to make sure it’s a good time to put your house on the market. Factors like interest rates, the economy, and more, can affect how much your home is worth. Your home could be in the best location with a generous amount of square footage, and it still might not sell right away based on the market.
Knowing what your home is worth and what it will sell for is crucial when you put your home on the market. If you are looking for recommendations on factors that can affect your home sale value, please reach out to us! We would love to be a resource for you!
