While many factors affect the market value of a property, certain key factors can have a major influence on the sale of a home. let’s take a look at some of the most important:
- Location, location, location! This old adage in real estate stresses the importance of where the property is located since location is usually a key factor for buyers.
- Market conditions. There are three types of real estate markets… a seller’s market, a buyer’s market or a stable market. Generally, you’ll find that a stable market has an equal amount of buyers and sellers.
- The condition of the home. Most buyers are not looking to buy a home that will require a lot of work due to deferred maintenance, instead they want a home they can move right in to.
- Price. Determining price is more than just picking a number. It involves careful analysis of the property and market conditions.
Remember… market value is determined by comparing properties that have sold and not determined by properties that are for sale!