Realty Executives

Factors That Influence a Home's Value

by Susan Christy 08/18/2019

When you want to sell or buy a property, knowing its value is essential. For sellers, especially, there are higher chances that your home won't outperform other listings if they are of low value. The listing price of a home can even change after an appraisal of its value. Here are some crucial factors that can affect the value of your home:

Location

Where your home sits plays a vital role in evaluating the selling price of a home. Your house may have all the things you need, but appraisals consider more factors to place a value on it. For your home to be of a maximum value, it must be close to quality local schools, shopping, entertainment, and recreational centers. Added to that, an abundance of employment opportunities, proximity to highways and public transit can improve a home's value.

Home size

The estimated market value of a home is also dependent on the home size. Bargains are often carried out based on price per square foot. For instance, if you list your home for $100,000 and it has 2000 square feet of living space, the price per square foot would be $50. Apart from that, houses with more livable space offer luxury, ample space for parking, and probably some bonus areas have higher values than houses without those. The number of full bedrooms and bathrooms a home contains also matter to the potential asking price. More beds and baths mean a higher value for your home. 

Age

Newer homes tend to have higher values than older ones because of many factors. In a new house, some parts are less likely to break down. Plumbing and electrical work, for example, are still fresh, up to code, and with adequate warranties. Most buyers don't want to spend extra on fixing major systems after acquiring a home. In newer houses, a new roof with a guarantee of at least ten years means that the buyer won't need to spend on replacing the roof anytime soon.

Upgrades

Who says older homes can't have high values too? When you upgrade the appliances in your home to the latest versions, the value of your home climbs. Including new technologies like smart thermostats will not only raise your home's worth, but it will also help you cut costs and make your home more efficient.

The local market

Even when your home meets other requirements, influence from your local real estate market can affect your home's value. If your home is in a location where the buyers' offering bids for homes outrank the number of listings, chances are you'll sell your home for more because it is a seller's market.

Talking to a local real estate agent will help you list your home closest to the market realities in your area and ensure you get the best possible price for your house.

About the Author
Author

Susan Christy

Hello, and thank you for visiting!

When it comes to real estate experience, few compare to Susan Christy. As a full-time Realtor for over 30 years, Susan has been successfully selling and finding homes for her clients since 1987, and her in-depth knowledge of the real estate process is hard to match. There are few challenges Susan hasn’t experienced and successfully resolved. She has not only the expertise to seamlessly close a real estate transaction, but the personal skills to instill a comfortable confidence, putting her clients at ease. She carefully listens, puts a plan in place, and follows through to the close of escrow and beyond. Susan is the real estate professional with the tact and skill to negotiate the highest return for her sellers and best possible price for her buyers: the true professional you want on your side.  

Susan holds a Bachelor’s degree in Psychology and a Master’s Degree in Education from Arizona State University and taught special education for four years prior to beginning her real estate career in 1987. She was raised in the Arcadia area of East Phoenix, where she has also raised her two daughters. Susan has been affiliated with Realty Executives for over 20 years, among the most highly respected real estate brokerages in Arizona, and has garnered many honors for superior sales performance, including the Phoenix Association of Realtors President’s Roundtable, Realty Executives 100% Club and Executive Club awards and the Realtor.com Online Marketing Award of Excellence. In addition, her superior performance has earned her membership in the Top Agent Network (TAN), as well as the CLHMS (Certified Luxury Home Marketing Specialist) and National Association of Realtors BPOR (Broker Price Opinion Resource) designations. She maintains active membership in the Luxury Home Tour Inc. of Arizona and the Arcadia Camelback Tour.  

Specializing in Phoenix, Arcadia, Scottsdale, and Paradise Valley, but experienced and able to assist with real estate needs in nearly all areas of the Valley, her goal is to provide superior service second to none. Her clients can expect expert representation, communication, and negotiation skills from contract to close, intensive attention to detail throughout all phases of the real estate transaction, and above all, integrity and professionalism. She is: Client Focused. Results Driven. Please feel free to contact Susan at any time to discuss how she can best assist you with your real estate needs.