What Affects The Market Value Of Your Property?
What factors do buyer’s consider when comparing the value of properties with each other?
Physical qualities of your property
[1] Location.
[2] Age.
[3] Size of house & lot.
[4] Floor plan & architectural style.
[5] Condition.
Market conditions.
[1] Interest rates & availability of financing.
[2] Taxes.
[3] Buyer demand.
[4] Prices of recently sold properties.
[5] State of the economy.
[6] Seasonal demand.
The competition.
[1] The number of similar properties for sale.
[2] Their prices, financing terms, location, condition, property, etc.
[3] How you compare to them.
Some factors that have no effect on the current value of your property.
[1] Original price (what you paid for your property).
[2] What you owe (your current mortgage on the property).
[3] How much cash you need or want.
[4] Opinions (what people say your property is worth).