5 Factors That Influence a Home's Value

by Ann Fotenakes 08/11/2019

When you want to sell or buy a property, knowing its value is essential. For sellers, especially, there are higher chances that your home won't outperform other listings if they are of low value. The listing price of a home can even change after an appraisal of its value. Here are some crucial factors that can affect the value of your home:

Location

Where your home sits plays a vital role in evaluating the selling price of a home. Your house may have all the things you need, but appraisals consider more factors to place a value on it. For your home to be of a maximum value, it must be close to quality local schools, shopping, entertainment, and recreational centers. Added to that, an abundance of employment opportunities, proximity to highways and public transit can improve a home's value.

Home size

The estimated market value of a home is also dependent on the home size. Bargains are often carried out based on price per square foot. For instance, if you list your home for $100,000 and it has 2000 square feet of living space, the price per square foot would be $50. Apart from that, houses with more livable space offer luxury, ample space for parking, and probably some bonus areas have higher values than houses without those. The number of full bedrooms and bathrooms a home contains also matter to the potential asking price. More beds and baths mean a higher value for your home. 

Age

Newer homes tend to have higher values than older ones because of many factors. In a new house, some parts are less likely to break down. Plumbing and electrical work, for example, are still fresh, up to code, and with adequate warranties. Most buyers don't want to spend extra on fixing major systems after acquiring a home. In newer houses, a new roof with a guarantee of at least ten years means that the buyer won't need to spend on replacing the roof anytime soon.

Upgrades

Who says older homes can't have high values too? When you upgrade the appliances in your home to the latest versions, the value of your home climbs. Including new technologies like smart thermostats will not only raise your home's worth, but it will also help you cut costs and make your home more efficient.

The local market

Even when your home meets other requirements, influence from your local real estate market can affect your home's value. If your home is in a location where the buyers' offering bids for homes outrank the number of listings, chances are you'll sell your home for more because it is a seller's market.

Talking to a local real estate agent will help you list your home closest to the market realities in your area and ensure you get the best possible price for your house.

About the Author
Author

Ann Fotenakes

Personal experience and education have made me a great relocation specialist as well.

I understand what is important and necessary to make your move as stress-free and timely as possible. I am active in my community and can provide information not only on our housing market, but on schools, youth athletics and community activities.

PERSONAL
I have been a Flushing resident for over 25 years, and I have made it my job to find homes here for others as well as helping people who wish to sell homes in the area.

I graduated from Mid Michigan with a L.P.N. degree.

As a full-time real estate professional since 1979 I have helped many clients with the sale and purchase of their homes.

Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional who understands the market and is positioned to stay ahead of the game. With knowledge, experience and a commitment to excellence, I will help you stay ahead of the game.

CERTIFICATIONS:

Broker/Owner
ABR - Accredited Buyer's Representative
Member of Flint Area Association of Realtors (FAAR)
Member of the Flint Chamber of Commerce
Sales and Marketing
L.P.N.