There are lots of reasons to sell your house, from moving across the world or just moving across town. However when it comes to estimating the cost, it may be stressful to take into account all of the factors that influence it.
Below you’ll find nine factors that influence that price.
We also use these nine factors when you use the “What’s My Home Worth” tool. That’s the quick and simple way to figure out your home price. So, click this link, complete the form, and we will message you within a couple of days with the price.
After you complete it, use this guide to understand what’s important in estimating your home’s value.
1. Comparable other properties that have sold
One easy way to get an idea of the value of your property, is to look at other houses that have sold in your area. If your neighbor sold a house for a great price, perhaps yours could have a similar value!
Where your house is situated is a huge factor in its value. Are you right in the middle of a bustling city or are you in the suburbs with a 30 minute commute to the city? Or are you in the mountains with the nearest major airport 2 hours away? Each of these changes the price of you house.
You may have already thought of this one, but how big your house is has a huge impact on its value. A three-floor mansion with five bedrooms and 3.5 bathrooms will go for more than a smaller single story duplex with two bedrooms and one bathroom. Remember to account for that in your estimation!
How run-down is your house? Is the paint peeling from the walls and there are water stains in the ceiling, or does your house have a brand new refrigerator and the brick is in great shape? Don’t leave that out of your ballpark value of your house!
5. How New are the Amenities?
This goes along with the condition of the house, but what do the necessities of the house look like? Are the toilets new and made of tile that are water-efficient, or are they still “avocado” (green in color)? Does your freezer have an ice maker? Are the faucets still bronzy-gold? Take this into consideration when valuing your home.
6. Based on Need/Supply/Demand
This may take a bit of research, but be sure to consider what the housing market is like. If lots houses are on the market in your area, the value of a home will be lower. Inversely, if very few homes are for sale, then the value of your house will increase. Just go back to your Econ 101 course in college if you need help with supply and demand.
7. Age of Home
The age of a house will change its value. The newer the home, the more valuable. The older, the less. However an old structure could be very valuable to the right buyer as long as the utilities (HVAC, plumbing, electricity, etc.) are new.
Ever heard someone say “that view is priceless?” Well now there is a price on the view from your home. If it is “priceless”, well the value of your home just went up. Otherwise, take into account what the view is from your home and how that will change its value.
9. Noise level
Are you near a quiet open space with tons of trails and few people? Are you next to the highway with lots of traffic? Or are you on a college campus next to a fraternity? The answer to that question has a huge bearing on the value of your house. Most people like quiet, meaning a quiet location is a valuable one.
Remember none of these rules are set in stone, but they are the basics to estimating the value of your home. Thinking about selling right now? The housing economy is holding steady with high tech leading the charge. However the lacking inventory, down about 22% from 2017, is steadily bringing the prices up.
Looking for a complimentary professional appraisal? Use the “What is my Home Worth” tool on our website and we’ll get back to you with the approximate value of your home!