In most cases, one of the most significant factors, whether or not a particular home will sell, is related to its price and whether it is perceived, at that particular time and specific location, by potential buyers. , qualified buyers, so attractive and convincing! There are many factors that often contribute to a home’s market value (defined as what a buyer is willing to pay for the specific piece of real estate). Homeowners considering selling their homes, as well as prospective homebuyers, need to be as informed as possible, so that they can realistically know and understand certain relevant factors, in order to more realistically, understand the factors. , which, in general, affect and determine housing prices. With that in mind, this article will briefly attempt to consider, examine, review, and discuss 6 key factors that generally matter.
1. Schools: Many homeowners, especially those with school-age children, feel that the quality of the local schools is a key factor in their evaluations/emphasis! How do schools and the education system in general, in an area, compare to the competition? Also, regarding level and quality, what about costs/taxes and perceived profitability? In most cases this is a key factor, in how, people, value, specific properties, etc.
2. Security: Both the actual and perceived safety of a specific neighborhood/area/region are often significant factors in real estate values! Homes in areas perceived to be safer and lower crime: Rates generally rack up higher prices!
3. Mod cons: Does the area have the desirable balance between privacy and convenience? Many are looking for conveniences, such as the nearby availability of supermarkets/grocery stores and other desired stores, places of worship and other services, etc.!
4. Transport: While most don’t want to be so close to transportation, be bothered by noise, etc., they want it to be convenient and easily accessible! This delicate balance, in terms of commuter/public transport, and key roads etc., makes a significant difference in pricing.
5. Offer and demand: Like most things related to economics, the Law of Supply and Demand is significant with respect to real estate prices. When there are more buyers looking for homes than there are available inventory of homes on the market, a Seller’s Market is created (generally leading to higher prices). When sellers outnumber buyers, the opposite is true!
6. Real Estate Market/Current Economy: The current real estate market, especially in a specific area, matters! The real economy, as well as the perceived one, including job confidence/security, etc., often become important factors!
It’s a good idea to understand these and other factors that often impact and determine home prices! Will you commit to being a more educated/informed consumer?