In our last blog post, we started our two-part series covering the different factors that play a part in determining the overall value of your home. In today’s blog, we will continue to cover the various factors that you should be aware of when putting your house on the market. With just a couple of points left to mention, let’s dive right in so that you can continue to learn about how home value is determined.
Size of the House
The value of your house is definitely going to take the size and available space into consideration. More often than not, a bigger home is going to have a higher value price point. It’s not just because of the space that larger homes are known for being higher in value, there’s actually some straightforward math that can help you estimate where your house sits in terms of value.
In terms of size, the value of a home is going to be estimated by the price per square foot. When you take the sales price and divide it by the square footage of the house, you can determine the value per square foot of the house. Now, there isn’t any set amount that each square foot will cost, this too will vary from sale to sale.
Aside from that, the size will also come into play when determining just how much usable space is available. As we mentioned in our last blog post, space is often one of the primary reasons that people are moving in the first place, so it’s not too big of a surprise that this is an essential factor. This is where garages, attics, sheds, and storage will start to come into play.
One of the most common ways that size and space are taken into consideration, however, is going to be in the available living space. Buyers are often searching for a specific number of bedrooms or bathroom to ensure that their family can live comfortably in the house. When you have space that people are looking for or are sure to use, the value goes up.
State of the Market
Value of homes is going to fluctuate based on all of the factors that we’ve mentioned, but one that is entirely out of your control is going to be the condition of the market. When the market is good, the average value is going to be higher and, on the flip side, when the market is suffering, the value of houses can drop.
While the state of the market will play a significant part in the value of your home, it’s a variable that can’t be controlled. Sure, there are ways to guess what the trends of the market will be, but even then there’s no way to be sure.
Contact e-Homes Realty
With years of experience in the real estate industry, our team has been fortunate enough to learn the ins and outs of the variables that contribute to a home’s value. When you’re considering putting your home on the market, let the team at e-Homes Realty help. Our free real estate concierge services make it much easier for you to understand the value of your home and showcase the high points. Contact us today to get started.