How is Home Value Determined?

Location

May be the single greatest factor affecting value.   Your city + your home’s location in the  subdivision or development = more or less percieved value by buyers.

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Competition

1.  Buyers compare your property against all competing properties for sale.  The more homes for sale, the tougher the competition.  Your pricing must take this into account.

2.  Buyers interpret value based on recently sold and available properties in your neighborhood.

Timing

1.   Current real estate trends may reflect a buyer’s or seller’s market
2.   Market conditions cannot be controlled.   An individually tailored, yet flexible, marketing plan must be developed accordingly.
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Condition

1.  Property condition affects the sale price and marketing time.
2.  Optimizing physical appearance and advance preparation for marketing maximizes the buyer’s perceived value.