Determining the Value of Your Home
There are several key elements in determining the value of your home. The list below outlines these elements based on their level of importance:
1) Current Market Conditions
The current market conditions are the most important things to consider when attempting to value your home for sale. Potential buyers are not going to be willing to spend more money for your home when they are able to purchase another property offering similar characteristics for substantially less.
Location is an extremely important thing to consider when determining the value of your home. This characteristic cannot be changed and it is important for you to understand how relevant this is to the pricing discussion. Location may be a subjective consideration for some and help with the pricing of your home should we encounter that specific buyer, but more importantly it is necessary to understand that we want to appeal to the most amount of potential buyers as possible.
Features/Characteristics of your home are other aspects which help put potential buyers in a particular mindset regarding the value your home holds. If your home possesses certain characteristics which buyers deem to be important, this may help justify a certain value; however, please keep in mind that features/characteristics are yet only a fraction of the factors involved in determining price.
Condition is another factor in helping to determine the current value of your home. Potential buyers can and will be sensitive to certain things when shopping for a new home. Condition is typically an aspect of homes which is readily apparent to them and certainly impacts the amount they are willing to pay for a piece of property.
Price is the most important thing!