Residential property market value estimation has been reduced to a fine art. Homeowners considering selling needs to understand the driving factors that influences the total worth of what is most likely their biggest investment and profit value. The six influences that determines your home asking price in the housing market are:
External Characteristics â The "curb appeal" or "drive-up appeal" as it's also known as, is the desirability, the aesthetic features and condition of the property that is in demand by the consumers. External characteristics can be anything from the size of the parking lot, the architectural style of the house itself, to the pave road or water/sewage system.
Internal Characteristics â The house size, number of rooms/bathrooms, the quality of the construction of the property is all part of the internal characteristics of the property. It is the basic features of the home. Additional features such as extra living rooms, specialty rooms, energy upgrades, a new kitchen remodel, and bigger closets can add extra value to the house's worth.
Property Location â The saying, "location is everything" stands true in real estate. Depending on the residential location of the house can alter the worth of the property for better or worse. Sellers with houses located in desirable location, such as a particular school district or a prominent neighborhood can ask for a little more from the buyers when selling.
Market Condition â The condition of the housing market is influential to your property value. It could even be said that the supply and demand of the real estate market is the most important factor. Number of homes put out in the market, number of houses being bought, to how fast residential properties are being sold all plays a part in the value estimation. In the current market, you can find some great deals in some prime locations, like with Laguna Niguel homes for sale.
Assessed Value â Without considering any other factors, homeowners can do a rough estimation of their property value by multiplying the square footage of their home by the average cost per square foot in their residential area. This assessed value is for the taxing authority.
Comparable Prices â If your house is the only house in your neighborhood that is overpriced, chances are buyers are going to shy away. Make sure to compare similar houses in neighboring residential area before establishing a price tag. Comparable prices should be reflected in seller's asking price when putting their house out in the market.