Factors That Influence a Home's Value

by Nile Morin 08/25/2019

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

Nile Morin

Service

Nile Morin is a dedicated, passionate, and market-savvy professional who puts his clients’ satisfaction before all else. His attention to detail, superior people skills, broad knowledge of the real estate industry as a whole, and his pure determination to indulge his clients with first class service sets him apart. Nile understands the power of creative, well-organized and highly effective marketing and offers customized marketing plans that maximize property exposure to the most qualified buyers.

A real estate transaction is really about managing people, their desires and their finances. It is an intricate and consequential negotiation. Nile knows that it is not only important to secure the most able buyer, but also the one that is most likely to close the deal. When so much is at stake, Nile is the one you want to represent you. His fair yet aggressive negotiating style and protectiveness of his clients’ best interests and ultimately, their assets, has gained his respect with colleagues and clients alike. Nile knows that every transaction represents the most important purchase or sale a person can make, and he takes every precaution to ensure that communication is impeccable with all parties involved from beginning to end. Whether it’s patiently guiding first time buyers through this exciting process or following through with clients’ needs long after the transaction is over, Nile’s warm, caring yet efficient business style will turn you, too, into a client for life.

Driven

Nile grew up in Cape Cod and therefore has a deep appreciation for the Cape's way of life. He owned a successful landscape construction company for almost ten years. Like many Realtors in Cape Cod, Nile’s professional background is rooted in the business industry where he learned to adapt to many different people and situations quickly and competitively. His insight gained from years of involvement in bringing all components of a business transaction together smoothly has granted him a unique perspective on and approach to the real estate industry. His enthusiasm and tenacity has allowed him to emerge as one of Cape Cod's finest Realtors. In his first year alone, Realty Executives awarded him the honor of Top Producer Rookie of the Year for all of New England.

For Nile's first five years in Real Estate, he joined forces with a family member who had been the Top Rated Realtor for many years past. Within the first year, their team became #1#1 throughout all of Cape Cod. After 5 years of disciplined integration into Cape Cod's Real Estate market, the opportunity for Nile to start his own realty office arose, which would later become Oceanside Realty Group. Within his first year of departure from the team, Nile ranked within the Top Ten of 2,500 Independent Agents on all of Cape Cod, and has consecutively maintained that prestigious statistic through perseverance of the troubled market and his dedicated and determined work ethic.