Have you ever wondered why some homes are sold for what seem like sky-high prices while others sell for comparatively very little? There are a few different factors at work that influence the calculated value of a home. When considered together, you can get a better idea of why your home is valued the way it is.
The Home’s Location
Location is a big deal in real estate. It takes into consideration proximity to different businesses and services, the local school districts, local crime rates, and more. If your house is in a poor location but is otherwise amazing, it won’t be considered as valuable as it would be if it were in a better location. There isn’t much you can do about your home’s location directly, which can be a source of frustration if your location is deterring would-be buyers from making an offer. That said, Sierra Housing Solutions buys all sorts of houses, so you can still get your home sold if you need to.
The Home’s Condition
A home’s value is directly tied to its condition. The better the condition, the higher the calculated value will be. Conversely, damaged homes will have a lower value. Consequently, such homes will receive lower offers. This is meant to reflect the money the buyer will put into getting the home fixed up.
Local Market Conditions
Not all real estate markets have the same value or experience the same market conditions at the same time. Home values will vary depending on the local market. When calculating the value of a home, it will be compared to similar homes that have recently been sold in that area. Such homes offer valuable context that shows what sorts of offers and asking prices make sense for any given property.
Every seller wants to get the best offer for their home. Of course, what is considered a fair offer for any given home will depend heavily on how it stacks up against the different factors that influence a home’s calculated value. You can also look at appraisals to see what a decent ballpark price would be. Keep all of this in mind when setting the asking price for your home and considering any offers you get for it.
Do you need to sell your Lemon Valley, NV house? Sierra Housing Solutions makes fair, no-obligation, all-cash offers! Click here to take the first step towards yours today!