What is my Home's Market Value?
A good place to begin is with a Comparative Market Analysis (CMA). The
CMA, which is performed by a qualified real estate agent, estimates the value of your property based on other recent sales and sale prices in the
neighborhood. Other features which affect your property’s market value
are:
Property Features
Obviously the first place to begin when establishing the value of a home is to look at its features including the number of bedrooms, number of bathrooms, total square feet, size of the kitchen, etc. A home that is well suited to a variety of potential buyers has a greater demand, hence a greater value.
The Neighborhood
A safe, attractive neighborhood will result is higher property values. Your neighborhood’s location, its streets, and even its residents can play a big role in the value of your home.
Amenities
Being close to schools, near parks & recreation, bike paths, shopping, etc., these local amenities can have a major impact on the value of your home. The greater the benefits of purchasing your home, the higher its value will go.
The Community
The value of your property can also be determined by the community and its services. Good schools, easy access to highways or transportation, property taxes, are all things that make a place more appealing to the home buyer.
If your community has a thriving economy, sound government and city services, and low crime rates, it generally translates into strong property values.
Determining the value of your property can be a difficult task because the conditions described above are only a few of the factors which can influence the ultimate price you receive. Some other factors include the number of homes on the market, the number of buyers looking for your type of home, even the interest rates available. |
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