It’s a fine art, selling houses. Understanding and determining your residential property value is a critical first step for any homeowners considering selling their property, it is what drives the asking price would be in the housing market. To determine the property market value in your home residential area, here are the factors that need to be included in the value assessment.
External Characteristics – also known as the “curb appeal” or “drive-up appeal,” is the aesthetic features and condition of the property that are desirable to the buyers, such as the home condition, parking lot size, architectural style of the property, paved road, water/sewage systems etc.
Internal Characteristics – refers to the basic features of the property, such as the house size and number of rooms, quality of the construction, and additional upgrades to the home that would add value to the property with extra living areas and special purpose rooms, energy efficiency system etc.
Property Location – can alter the market value price for better or worse depending on the location of the property. A particular school district, prestigious neighborhood can add value to your property while less prominent neighborhoods might decrease the value in others.
Market Condition – is also a big factor in the determination of your property value. The number of home sales compared to the number of buyers, how fast your residential houses sell can alter your home’s price tag. It really depends on the supply and demand of the housing market during the time you consider selling your property.
Assessed Value – is usually tied to the square footage of your home property, which is established by the taxing authority usually. Homeowners can estimated their home’s value by multiplying the square footage by the average cost per square foot in their residential area. This does not mean other factors are included in this assessment.
Comparable Prices – of different houses in your residential area will also be reflected in your asking price. No matter what the cost of improvements has been made to the property itself, if your house is overpriced compared to other similar houses in your area, there is a high possibility that buyers would shy away.