Your home value is based on what willing buyers in the market will pay for your home, but every buyer is different. For example, one family might weigh location factors like schools and jobs over the size and condition of the home.
We’ve outlined some of the most important factors that influence your home’s value:
1. comparable homes
One of the best indicators of your home’s value is the sale prices of similar homes in your neighbourhood that have sold recently. These comparable homes are often referred to as “comps”. Whether it’s a home appraisal, a comparative market analysis done by an agent, or an Opendoor evaluation, most real estate experts will rely on comparison to estimate your home value.
2. Location
Your current home may be the ideal location for you — close to your job or near your parent’s house — but when appraisers determine how much value to assign based on the location of the house, they’re looking at three primary indicators;
- The quality of local schools
- Employment opportunities
- Proximity to shopping, entertainment, and recreational centers
These factors can influence why some neighborhoods command steep prices, and others that are a few miles away don’t. In addition, a location’s proximity to highways, utility lines, and public transit can all impact a home’s overall value. When it comes to calculating a home’s value, location can be more important than even the size and condition of the house.
3. Home size and usable space
When estimating your home’s market value, size is an important element to consider, since a bigger home can positively impact its valuation.Categories: Uncategorized | Comments