The memories you’ve made in your home are priceless, so it can feel tricky to put a value on it while selling. Fortunately, there are some key criteria that real estate agents and appraisers will use to determine a more precise number. This guide will highlight some of the most significant factors that go into pricing homes for sale. 

What Determines the Value of a Home for Sale?

1. Current Market

The market will always be a main factor in a home’s listing price. Agents and appraisers will consider what similar homes in the area are selling for. The price may go up if it’s a seller’s market and down if its a buyer’s market. When a local economy is doing well, homes might be priced higher as well. All of these market factors come together to set a foundation for your home’s value. 

2. Neighborhood

When people are browsing the real estate market, they may look at certain neighborhoods more than others. If your home is in a popular neighborhood, it could be worth more. Factors that make a neighborhood stand out are quality local schools, proximity to activities and businesses, and low crime rates. Homes in neighborhoods that are less desirable to buyers may be priced at a lower value. 

3. Home Size

Buyers, real estate agents, and appraisers will all consider the price per square foot when determining the value of a home. This is why larger homes are generally worth more. The layout, number of rooms, size of the property, and the general amount of usable space will be appealing as well. Features that affect the home’s size and appeal like a garage, basement, attic, and sunroom may also be taken into consideration.

4. Age & Condition

While newer homes generally hold more market value, age is not the only factor at play. Appraisers and agents will also consider the condition of the home. If you recently invested in a new roof, kitchen renovation, or windows, the home’s value will likely go up. Many buyers will pay more to walk into a home that needs little work. When you are selling, your real estate agent can help you determine which updates are worth investing in to boost home value. 

If you’re selling your home, the real estate agents at EXIT Realty Nexus in Coon Rapids, MN, have the experience and knowledge necessary to price your house, create the perfect listing, and attract an ideal buyer. They will also work with buyers to find the right property for your needs and preferences. With over 60 local real estate agents, they are committed to helping local clients navigate the market. To learn more about their services and view their available properties, visit them online, or call (763) 548-1400 to set up a meeting.