Skip to main content

How Is the Value Of My Home Determined?

By June 23, 2017February 22nd, 2021Judi's Blog
Home-Value-Judi_Wright_Team

Your Home Value.

Selling your home? Good for you! But have you considered how much your house is worth? Do you know what factors impact your home value?

 

If you are not sure or need a little more help —check out this quick list of top factors.

 

Basically, there are five factors that factor weigh heavily in determining the overall home value, namely:

  1. Location of the house
  2. External features of the house
  3. Internal features of the house
  4. Supply and demand
  5. Negative events

 

Let’s discuss them in detail!

1. Location, Location, Location!

What factors determine if the location is good?

 

Local amenities, a good neighborhood, location within a neighborhood and a solution to the buyer’s needs.

 

The location of your house may offer various amenities (or may be far away from negative amenities) and your neighborhood may be friendly.  However, it is the often third option that seals the deal for many home buyers.  How well your home meets the prospective buyer’s needs trumps amenities and neighborhood location the majority of the time.

 

For instance, if you have a small yet gorgeous place and a commercial area is close by, a career-oriented, newly-wed couple might be the perfect customers for you. Your estate agent will be able to target serious buyers looking for a solution that your house offers.

 

2. Curb Appeal is Crucial

No matter what anyone says, first impressions are important!

 

When a prospective buyer drives past your home, curb appeal matters. Often, this can be the deciding factor between the buyer becoming impressed enough to consider a showing.  Or, driving away on to another home.

 

Be cognizant of the little things. Even the little things make a difference in home value. Make sure that peeling paint does not become your downfall.  And, invest in smart upgrades that would reflect how responsible you are as a homeowner. Your real estate agent can help you decide if any repair or maintenance work should be done to enhance your curb appeal. They can also help prioritize the list for you so you can knock out the highest impact items first.

 

3. Take Care of the Inner Beauty

There are also many internal features that impact your home value. These include the quality of construction, energy efficiency, and size and number of bed and bathrooms. Additionally, the condition of your home along with sought-after features such as media rooms, large lots, or extra living space plays an important part in determining home value.

 

While a well-maintained exterior will be able to grab the attention of buyers, it is a great interior that will often get you the stamp of approval and probably an offer!

 

It is important that you keep up the interior of the house so that the value of your house remains at its prime.  So many people do nothing to their home year over year. Then, only do upgrades when they are selling. Why not do upgrades so you can enjoy while you are in the home?

 

If you are unsure about which internal upgrades help increase your home value, have a look at this handy list here.

 

4. Research the Market

Let’s give you the inside scoop: Yes, there are times when the market is hot and times when it is not. And yes, the pricing of your home will be affected by the state of the market. However, the most important factor here is how you make use of the current state of the market.

 

This is where great real estate agents can help you capitalize on market opportunities through in-depth competitive research, expert marketing, and skilled negotiations.

 

For more information on how an experienced agent can help you get top dollar for your home, check out this article.

 

5. Negate the Negative Events with a Real Estate Agent

If there has been a negative event like a violent crime, or if your house has faced problems like a fire, mold or pest infestation, you are required by law to include that information in the seller disclosure.

 

These negative events may hamper a good sale of your house. However, if you have a reliable estate agent by your side, they can help the buyers focus on the better features of your home and close a solid deal for you.

 

If you want to consult a real estate agent about the market value of your home, and to find out about the current market condition, contact us today!


About the Judi Wright Team

Judi Wright/The Judi Wright Team is a real estate group specializing in the suburbs of Frisco, Plano, and surrounding areas. Named the “Best Realtor in Dallas,” by D Magazine eleven times and a Five Star Realtor with Texas Monthly, Judi is also a Company-Wide Top performer with Ebby Halliday and the #1 Top Small Group for Ebby Halliday Frisco.

Leave a Reply