What Determines My Home Value
When you’re buying or selling a home, it pays to know your property’s value. Here are some of the factors that determine a home’s appraised value!
Location
The location of a home is one important factor in determining its worth. Being located near a scenic view, stores, dining options, or a top-rated school will all increase the value of your home.
Home Size
When calculating the market value of your home, size is an important factor to consider. Homes that are larger and have more bedrooms, baths, and practical living space are more expensive.
Age & Condition
New homes generally sell for more compared to older homes. However, if an older house has recently undergone renovations, it may sell for just as much as new construction.
Supply & Demand
Your home’s value may increase if there is a high demand for homes in your area and decrease with a shortage of supply, and vice versa. Your home’s value can be estimated by looking at what nearby homes similar to yours are currently selling for.
Want to know the home value of your home? Contact your ARC agent to receive a FREE property value estimate.
