07/26/2022
Many different factors can shape a ๐๐ค๐ข๐'๐จ ๐ซ๐๐ก๐ช๐. While there isn't one standard formula for determining what a property is worth, there are a few variables that tend to affect home values the most. Lets explore the top five factors that affect a home's value...
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The desire for a larger space is one of the most popular reasons for purchasing a new home. Looking at a home value per square foot can be a helpful way to make apt comparisons of differently sized properties.
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The desire to be closer to jobs, schools or public transportation is another primary reason for purchasing a home. Other factors that can make a neighborhood appealing include:
- Proximity to grocery stores, shopping and entertainment
- Access to public transportation and major highways
- Available parking
- The quality of the local schools
- The crime rate
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When supply is low, home prices tend to go upโespecially if there's a surge of buyers. Mortgage rates are another important piece of the puzzle, and they vary based on economic conditions and other market factors.
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There are cosmetic concerns such as an outdated kitchen or a less-than-modern floor plan, and then there are functional issues like problems with the home's roof or plumbing. Generally speaking, it also costs more to insure an older home. On average, homeowners insurance premiums are 75% higher for homes that are more than 30 years old.
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Look at properties that closely match the home in question. You might start by checking the prices of nearby listings online. The downside is that a home's list price doesn't always accurately reflect its valueโespecially in a hot housing market. In this way, a real estate agent might be better equipped to help you. They'll likely have access to more recent and comparable home sale data.
Looking for more information on these factors as they relate to you?! Reach out today, let's chat!
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