The main factors that affect market value are...
Location:
- availability of community amenities, such as public transportation, parks, stores, churches and schools
- quality and consistency of neighborhood planning
- future development plans and local zoning
Property:
- style, layout, size, age and quality of construction of the building
- size, shape, privacy and landscaping of the yard
Condition of the Home:
- first appearances
- floor layout
- quality and appearance of fixtures
- general overall condition of main systems (roof, furnace, electrical system, central air, etc.)
Comparable Properties:
- the asking and selling prices of comparable neighboring homes
The best way of establishing a range of value for a property is to have your REALTOR prepare a general market analysis of the neighborhood you are interested in. This will give you a good overview of the current market and will show what comparable properties have been selling for recently.
Market Conditions and the Economy:
- number of homes currently on the market
- number of people looking to buy
- the state of the local and national economy
- current mortgage rates
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