Knowing the value of your property is a must, regardless of whether you’re selling your home or you simply want to know how much it’s currently worth. Fortunately, there are a couple of factors that will help you determine the value of your house. Take note of the following market and property conditions.
- Current market conditions
Establish whether your real estate market is considered a buyer’s or seller’s market. The former indicates greater supply than demand, giving buyers plenty of negotiating power to keep prices low. Meanwhile, the latter represents a situation where supplies can’t meet the demand, giving sellers the advantage of keeping prices high.
Interest rates, other economic considerations, and even the time of the year also affect market conditions and, therefore, can also have some influence in determining the current property value of your home.
Where your home is located plays a big role in determining its value. Established communities as well as up-and-coming neighborhoods with plenty of amenities tend to be attractive to home buyers. Proximity to good schools and work can also increase the livability of a locale. Homes located in waterfront areas are also highly attractive and sought after. These added bonuses increase a neighborhood’s allure and drive up home prices in the area.
What’s happening in the area can also affect the value of your home. For example, more people moving out of the neighborhood can affect houses in the area poorly and significantly decrease property values. To get a pulse of the current state of your neighborhood, keep up to date with market reports as well as local news.
- Active listings and sold properties
Homes currently up for sale and homes recently sold in your neighborhood can give an indicate of your property’s value. This rings especially true for properties that are similar to yours. It’s one of the main reasons why I often advice my clients to request for a comprehensive market analysis or CMA whenever they choose to buy or sell a home.
- Current property condition
How’s your home, aesthetically and structurally? The property’s current condition, as well as its square footage and lot size, can significantly impact its value. It’s why pristine homes, especially if located in attractive real estate markets, have high property values despite their age. A well-maintained and structurally sound home will always be worth more than a rundown property. It’s why inspecting the home is a necessary step in any home buying or selling experience.
- Property features
Your property’s features, such as its architectural style, amenities, interior design, materials, storage capabilities, as well as bathroom and kitchen details also play a big role in determining your home’s value. Basements, parking spaces, and outdoor living space are other property features that can either increase or decrease the value of the property. Historically and/or architecturally significant homes can also be worth far greater than other homes.
You can have your home appraised by a professional to get a better idea of how much your property is worth.
Buy or sell homes in San Diego’s coastal communities.
For inquiries, get in touch with me at 619-985-5443 or rcwellesjr(at)gmail(dotted)com.