All homeowners have a preconceived notion of what their home is worth, but can be shocked to learn the actual value based on the market and other factors. There is no replacement for a professional’s calculation, but it can be helpful to understand some of the factors they may consider.
Location
There is perhaps no greater factor in determining your home’s value than location. The area surrounding your home can significantly increase or decrease your asking price, but so can factors like living in a flood plain or in close proximity to a highway.
Structural concerns
The leaky roof you’ve been worried about? That’s a concern for potential buyers, too. Major structural problems, both internal and external, can play a large role in your home’s perceived value.
Quality of schools
Believe it or not, the quality of local schools is a huge factor in determining home value. A beautiful home with incredible features may sell for significantly less if the school district is poor.
The market
Last but not least, the state of the real estate market can ultimately make or break your asking price. If the market is strong, you’ll likely be able to ask more for a home than you would in weaker economic times, and vice versa.
A professional will utilize all of this information and more to determine the value of your home, but be sure to keep up with this information so that you can better understand the process yourself!
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