Our team here at Simpson Real Estate Appraisals wants to help you get the best price for your home, and that starts with calculating your home value. There are a number of factors that influence a home’s value–we’ve covered a few of them before, but not all of them. In this article, we’ll go over three factors that affect your home value so that you can make the best decision for your property.
- Upgrades. One factor that can seriously affect home value is upgrades, updates, and improvements. This is especially true for older homes that might otherwise have outdated features–for these kinds of properties, home improvements to bring key systems in line with modern standards are nearly always a great way to add value.
- Local Market. Another factor that has a significant impact on your home value is not anything about the property itself, but rather the conditions of the local market. While there is little you can do to affect the state of your local real estate market, you can carefully consider its current conditions and decide when to sell your home. For example, if there are many homes for sale and not many buyers, a state that real estate experts describe as a buyer’s market, then you may want to postpone your plans to sell until the market is more favorable to you as the seller.
- Economic Factors. A third factor that affects home value is the state of the economy more generally. This can be disheartening to hear, as it’s another thing that you as an individual have no control over, but it is true nonetheless. No matter the current state of the economy, however, our experts will give you the information you need to make the best possible deal for your property.