What Factors Influence My Home Value?

  The value of your home is determined by a few factors that influence its value, which then determines what the buyer is willing to pay. Factors including anything between where your home is located and its condition play a crucial role in determining the selling price of your home. 

Factors That Influence Home Value

The Location and Neighborhood

If you know anything about searching for homes, the location of a home matters a great deal to buyers. A buyer can become more or less interested to buy based on the location alone. But, how does the location play into determining the cost of a home? Homes located near schools, grocery stores, gas stations, or hospitals offer different benefits to different buyers. Some buyers find that living in a quiet neighborhood near a school is more convenient than a home located near heavy traffic and construction. Based on the benefits your home’s location has to offer to your buyer, you may have yourself a win-win situation.

When reselling your home, base your asking price on other homes in the area or reach out to a real estate agent for expert advice. 

The Age and Condition

 Homes built 50 or more years ago tend to cost less than newer homes to account for the wear and tear and changes that occurred over the years. These homes also tend to need more repairs, compared to newer homes that are unlikely to need repairs for quite some time. 

 It is also important to note that buyers want a move-in-ready home. To better position your home to receive a more favorable price, you may want to consider enhancing your curb appeal, repainting, decluttering, cleaning, and other tasks to make your home more appealing.

The Supply and Demand

As you may know, the housing market relies heavily on supply and demand. When the demand for homes is low and the supply is high, the value of homes usually decrease as a result. On the other hand, when the demand for homes is high and the supply is low, prices tend to skyrocket as a result. At this time, sellers are likely to thrive in the housing market as the value of homes also increases.

The American Dream aims to help you succeed in all aspects of buying or selling your home. To receive expert advice about the best times to sell your home or to receive help with putting your home on the market, contact one of your agents.