Welcome To Your New Home!
What Does Home Value Mean?
Your home value is the price another buyer is willing to pay to purchase your home. This is also sometimes referred to as a home’s current market value. Knowing the value of your home will help you determine what your asking price should be when you list it on the market.
01
The Location
The value will be higher if your home is located in a desirable neighborhood with a fair amount of curb appeal and a low crime rate. Access to nearby highways, shopping centers, and restaurants can also raise its value.
02
The Size and Condition
The size and layout of your home will also affect its market value. And if you’ve recently had the house painted or bought updated appliances, these things can raise the value as well.
03
School District
Living in a good school district can significantly increase the value of your home. A study done by the National Association of REALTORS® found that 25% of home buyers consider the quality of nearby schools before purchasing a home.
04
Comparable Homes
Home buyers may look at houses similar to yours to see what they sold for in the last several months.
05
Current Market Conditions
The current market conditions will also affect the value of your home. For instance, if there are more buyers than there are houses, then you‘ll be able to demand a higher price for your home. Things like high interest rates may prevent some people from buying a home.