What Influences Home Value?

The Value of your home can be influenced by a number of factors. As a homeowner, you want to do everything you can to keep that property value up high. Why, you ask? Because when you are ready to expand your family and move into a larger home, or when you become an empty nester and you’re looking to downsize, the best way to ensure you have a good chance at selling is making sure that your home still has value that you can profit off of. So then, what can positively affect your home value?

How Up to Date is Your Home?

Adding renovations and modern improvements are a great way to keep your home up to date with those that are currently on the market. You’ve got to keep up with the competition.

What Neighborhood are you in?

• What kind of people live in your neighborhood? The surrounding environment is often a large factor in the value of your home. An elderly couple who may be looking to buy their final home most likely isn’t going to want to move into your neighborhood if there is a Frat house on the block.
• What kind of homes are in your neighborhood? The type of homes that are built in your area is also a factor. A newlywed couple who is looking to start a family may not want to move into a neighborhood where the houses are limited to one or two bedrooms.
• Other things that can influence the value of your home are the crime rate in the area as well as the schools that your house is zoned for.

Location, Location, Location

Are you in the city or the suburbs? Maybe you’re in the country with corn fields all around. Wherever you are, the value of your home can go up or down depending on the quality of your location.

Market Conditions

The market changes all the time. Rates go up then they go down, and sometimes they even mellow out. Remember, a good pumpkin means nothing to a farmer in the spring time. What that catchy little saying teaches us is that the season has to be right in order for good to really sell. You could have an excellent house that still may not sell if the market isn’t right and buyers aren’t buying.