Factors That Influence Your Home Appraisal Value

Posted on by Smith Marketing

When getting ready to sell a home, you naturally want that property to appraise for the highest possible value. This is a big opportunity to improve your ROI on your investment, especially if you have owned the property for years and have built up some equity along the way. Looking at other houses for sale will give you a starting point for how yours might be valued, by a proper appraisal is the most accurate approach.

 

Smith Marketing carefully tracks homes for sale in the Greensboro, Summerfield, Oakridge and surrounding Triad areas, and their expert team is standing by to help you track down a great offer to close this deal. Reach out today to learn more. 

 

Market Conditions

This is the best place for this discussion to start. Simply put, the prevailing market conditions in your area are going to have a huge impact on how much your property is worth. The exact same property with no changes at all could be worth $200K in one market and $250K in another, for example. The appraisal will pay close attention to present market conditions and comparable properties that have sold recently in the area.

 

Size and Layout

Square footage is always going to play a big role in how much your home is worth, as well. Properties within a given area will generally sell within the same price-per-square-foot range as each other, with minor changes to that price point based on various other factors. For example, if a 1,000-square-foot home is valued at $200,000 in your area, a 1500-square-foot home may be valued at around $300,000, as that would maintain the same $200/square-foot price (or whatever the going rate happens to be).

 

In addition to raw square footage, the value will be impacted by how that space is divided. How many bedrooms are included in the design? Families that need four bedrooms may automatically rule out all three-bedroom layouts, meaning there will be less competition in the three-bedroom market. If all else is the same, a house with more bedrooms will usually sell for more than one with fewer bedrooms.

 

Age and Condition

Unlike most other things that are sold, age is not necessarily a bad thing when it comes to a house. In fact, many buyers like the styling and charm of older homes, so the market for these types of properties can be quite strong. However, that charm will quickly fade away if the house is not in good condition and needs quite a bit of renovation work. So, the age and condition of the structure will be considered together to determine how much it is likely to be worth.

 

Location, Location, Location

The location will inevitably play a huge role in the homes’ value. Location not only relates to the big picture of what city and county the property is in, but also in the more narrow sense of how it is positioned within a neighborhood. For instance, a house that occupies lakefront property is going to be worth more than a house across the street that doesn’t have lake access.

 

Need help navigating the complicated real estate market? Turn to Smith Marketing today to get the professional guidance you desire.