How To Determine The Right Value Of Your House?

When selling your home, one of the most common questions is: How much can I sell my home for? In this blog, we will discuss the standard practices used by realtors and appraisers to determine the value of your home. We will also talk about what factors, both directly and indirectly, influence the value of your home.

What Is A Home Value?

Home value has a slightly different meaning if you ask a mortgage holder, appraiser, or expense assessor. In any case, home value typically refers to the price at which a house is likely to sell, also known as current market value.
 

What Factors Affect The Value Of My Home?

Unlike other assets, such as a car, a home frequently appreciates with time. In general, real estate values rise because there is only so much space for new development. As time passes, there is generally more demand for less land, which drives up value.

When you work with a realtor, one of their responsibilities is to provide you with an accurate market value for your home. This is why it is critical to select a specialist who is knowledgeable and experienced in your field. To determine the correct price for your home, they should conduct an examination; one of the most well-known practices is to look at the following items.
 

1. How much the house sold for in the past
2. Quality of the neighborhood
3. Number of homes available and the strength of the economy
4. Tax assessment
5. Square footage
6. Age and condition of the house and property
7. Most recent homes sold in the neighborhood

Another Blog to Read: Marketing Techniques for Home Sellers

Other Factors that Affect Real Estate Prices

Several factors influence how real estate prices are determined. These factors affect the housing market, which in turn influences the price of your home.
 

1. Property Location

There is the expression “location, location, location” however I’m not catching this’ meaning in practical terms when it comes to property prices? Financial analysts typify “location” in something many refer to as “hedonic pricing” – for most homes, this means some key factors that sway your life and your way of life:

1. Quality of local schools
2. Proximity to local employment opportunities
3. Proximity to social, shopping and recreational centers

    2. Inspection Report

In some hot markets, buyers may waive their right to an inspection report, but this is a risk that most mortgage lenders will not take.

    3. Updates and Upgrades

On the off chance that you are offering your home and need to get as much as possible for it, you should think about doing a few updates/moves up to your home. These are a portion of the top redesigns and updates that will get you the most degree of profitability:

1. Remodeling the kitchen or bathrooms
2. Bathroom Addition
3. Reinventing a Room
4. Adding Energy Efficient Windows
5. Deck Addition
6. Energy-Efficient Insulation
7. Basic Updates: fresh paint, new flooring

4. Neighborhood Comps

Practically identical properties, sometimes referred to as "comps," sold in your neighbourhood also influence your own home's fair market value. Appraisers and realtors look at current sales of homes with comparable features to use as a benchmark for your home's expected price.

Thinking about  SELLING or BUYING a Home,
Richi Khanna can help you and if you have any questions in regards to real estate, then you must call Me today! at
647-997-1281

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Richi Khanna

647-997-1281

Broker

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