4 Factors That Can Influence The Value of a Home

4 Factors That Can Influence The Value of a Home

Selling a home that you’ve lived in for many years can be difficult. For most people, the decision to sell a home requires a lot of contemplation and soul searching. One of the main concerns you should have when selling your home is getting a fair price.

The nearly 6.1 million individuals that buy a home annually want to find the best deal possible. Before you set a price for your home, you need to understand more about the factors that influence home value.

1. The Location of the Home

Just because a home is close to your job or family doesn’t mean it is a great location for a potential buyer. When appraisers start to look at your home to determine its value, they will consider where it is located. As the appraiser looks at the location of your home, they will consider factors like:

  • The proximity to recreational centers, shopping and entertainment
  • The quality of schools in the area
  • Employment opportunities in the location

The appraiser might also consider other factors like a home’s proximity to highways, public transit and utility lines. Most people fail to realize that location can be more important than the condition and size of the home when determining its value.

2. The Age and Condition of the Home

On average, a home that is newer will command a higher price tag. This is because the important parts of a home like the roof, electrical and plumbing, are far less likely to break down any time soon in a newer home. The average buyer is looking for a home that is move-in ready.

If your home is older, then you need to make sure any repair issues it has are fixed before putting it on the market. In some cases, the problems your home has will make it nearly impossible to sell to a mortgage-backed buyer. Working with a cash buyer is the best way to sell a residence that has serious repair issues.

3. The Local Housing Market

Did you realize that the state of your local housing market can dictate the value of your residence? The more you know about the number of homes for sale in your area and how many buyers are making purchases, the easier it will be to assess the true value of your property. Ideally, you want to put your home on the market when the number of buyers is high and the number of available properties is low.

4. The Size of Your Home

Another important factor that can dictate the value of a home is its size. Having a larger home with plenty of usable space allows you to command a higher price tag. Before putting a price tag on your home, take the time to look at similar properties in the area. With this information, you can set a competitive price for your residence.

Are you trying to sell your home in a hurry? If so, let the team at Charleston House Buyers help you out.

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