What factors influence the value of my house?

Your home value is based on what willing buyers in the market will pay for your house, but every buyer is different. So, we have outlined some of the important factors that influence your home’s value:

1. Neighborhood comps: One of the best indicators of your home’s value is the sale prices of similar homes in your neighborhood that have sold recently. These comparable homes are often referred to as “comps”. It can be a home appraisal, or a comparative market analysis completed by YOUr Realty Group. In general comps are based on how recent sales have been priced, how similar those comps are to your home, the distance from your home to that comp (it is best to try to stay in the same subdivision), and location of your house- what is it or isn’t near.
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: quality of local schools, employment opportunities, and proximity to shopping, entertainment, and recreational centers
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. Livable space is what is most important to buyers and appraisers. Bedrooms and bathrooms are most highly valued, so the more beds and baths your home offers, the more your home is generally worth.
4. Age and condition: Typically, homes that are newer are appraised at a higher value. The fact that critical parts of the house, like plumbing, electrical, the roof, and appliances are newer and therefore less likely to break down, can generate savings for a buyer. Many buyers will pay top-dollar for a move-in-ready home.

Our team can help you identify key areas of your home to inspect before selling.

5. Upgrades and updates: Updates and upgrades can add value to your home, especially in older homes that may have outdated features. However, not all home improvement projects are created equally.

Some projects like adding a pool or wood floors tend to have bigger increases for more expensive homes, while projects like a kitchen remodel or adding a full bathroom tend to have a bigger increase for less expensive homes.

6. The local market: Even if your home is in excellent condition, in the best location, with premium upgrades, the number of other properties for sale in your area and the number of buyers in the market can impact your home value. If there are a lot of buyers competing for fewer homes, it’s a seller’s market. Conversely, a market with few buyers but many homes on the market is referred to as a buyer’s market.

Additionally, market conditions can affect how long it takes your home to sell.

7. Economic indicators: The broader economy often impacts a person’s ability to buy or sell a home, so in slower economic conditions, the housing market can struggle. It’s important to keep up with the current status of home sales and home price appreciation in your area, especially when you are evaluating the best time to sell your house. That is something our team can you set up for you as well.
8. Interest rates: Why care about interest rates? Every buyer and their lender. As interest rates increase, fewer people may be able to afford homes, and this can impact how much you can sell your home for. If interest rates are lower, it may provide you with a larger buyer pool.

Final thought: It’s easier to avoid common home-selling mistakes when you’re aware of the factors that influence your home value. Consider these factors in mind when pricing your home to help attract serious buyers and to prevent long days on the market, which ultimately comes at a cost. YOUr Realty Group can help you with all your needs for selling your current and purchasing your next home.

If you find you need more space to keep organized, meaning a new home may be in your future please give me a call at 971-341 4491. Real Estate with Lita. How can I help? For more information, contact Lita at 971-341-4491 Visit www.yourrealtygroup.com .