What Determines Your Home’s Value?
Obviously, you want to know what your home is really worth before you list or sell. It can feel like you can only make a somewhat educated guess. So, what goes into the decision to determine your home’s value? How does our team choose a listing price?
It’s easy to think that the tools on websites like Zillow are accurate representations of home values. The truth is, these sites get it wrong pretty frequently. For example, Zillow’s own CEO’s home valuation was off by a whopping 40%. This is further proof that it’s best to consult a local expert to determine your home’s worth.
A combination of factors work together to determine a home’s value. The trained professionals on our team know how to combine these factors to come up with the perfect price. Take a look to learn more.
- Your Address- It sounds cliché, but “location, location, location!” truly does play an important role in your home’s value. This isn’t just determined by your home’s zip code. It considers your neighborhood, the part of the neighborhood you’re in, your proximity to certain things, and more.
- Your Home’s Size- Size doesn’t just equal square footage. Your home’s square footage along with the number of bedrooms and bathrooms all play a role. Although not the only determining factor, a home that’s significantly larger will sell for a higher price.
- Your Home’s Condition- A newly renovated home will obviously sell for more money than one that isn’t in great shape. That doesn’t mean everyone should rush to do expensive renovations. The overall condition of your home is important, newly renovated or not. Keeping up with regular repairs and maintenance are important ways to ensure your home is in good condition.
- Your Area’s Market- This is where expert opinions are valuable. An expert will be able to choose a price that’s reflective of the comparable homes in your area. It’s no secret that real estate varies tremendously from state to state or even street to street. One of our experienced agents will use the most pertinent information to determine the price based on the real estate market in your area.
If you’re still curious, a great place to start is the home valuation tool that’s on our website or give us a call. We’d love to help you move forward in the selling process by determining the true worth of your home.
Photo by Sarah Jane on Pexels