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5 Factors that impact your home's value
Find out how the estimated value of your home is determined with our simple 5-step summary.
Location. Location. Location.
There's a saying in the real estate investment industry that goes something along the lines of
it's better to buy the smallest house on the most expensive street, than the biggest house in a less prominent neighborhood, and that's because location is key in home valuation.
The neighborhood your house is in makes a big difference to what it's worth. Also important are lesser considered aspects of location, such as proximity to schools, restaurants, grocery stores, medical facilities, employment opportunities, and recreational activities.
When it comes to home value, size does matter. The number of bedrooms, bathrooms, and total square footage of your house, and yard size influences the estimated value of your home. It's important to also consider space that is usable, versus space that isn't usable, as that's an often misunderstood factor in home value estimates.
Age Has Impact
Unfortunately when it comes to real estate, older construction typically decreases home value. Older homes lend clues to the age of plumbing, appliances, electrical wiring, roofing, and so on, which can be very costly items to repair or replace. For this reason, homes with original, older construction tend to be less valuable than brand new homes.
Comparisons Have Influence
Home value estimates don't only consider your house, they also look at comparisons in your neighborhood. The amount that other houses nearby have sold for, and are selling for, and the number of days they were or have been on the market for, also impacts what your home is worth.
Local Market Governs
Supply and demand has a big impact on the real estate industry. The number of other houses for sale in your area compared to the number of active buyers interested in your neighborhood, also affects the estimated value of your home. When demand is high and inventory is low, the higher your home value estimate is likely to be.
The easiest way to get the estimated value of your home
There's a new, faster way to find out the value of your home.
It's a new decade and with that comes new choices, even when it comes to home value estimates. The traditional, realtor-assessed home valuation model is no longer your only option. Thanks to comprehensive industry data, we can now offer you an accurate home value estimate online using iValuation—our state-of-the-art Home Value Estimator.
iValuation is the newest home valuation model
It's an objective, unbiased, and highly convenient way to check what your home is worth.
Using real-time industry data from local and national iBuyers (instant buyers), neighborhood statistics, and an advanced assessment algorithm, we are able to provide you with an instant and accurate estimated value of your home.
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