When selling your home, there are several factors that can increase the value of your home. Let’s take a look at a few.
- Location, Location, Location – It’s so important, I had to say it three times! This is one of the biggest factors when people look to buy a home. Typically, homes close to shopping, restaurants and work places hold higher values. Low crime neighborhoods, also, tend to grab higher sale prices. Of late, homes in rural settings have seen a higher demand. Some of the reasons for this, is people do not have as great of a need to be close to work because they are working from home.
- Condition of the Home – There are some people that ae looking for project homes, but not all. For those whom want a home that is closer to “move-in” ready, the cost will be higher. Also, like everything else, your home will depreciate in value over the years. Also, the age of appliances in the home, the condition of the walls and floors and the amount of repairs needed will determine what a buyer is willing to pay.
- Size of the Living Space- The space that is usable in a house is, also, a major factor in home buying. Usable space is defined as the living space or heated living space. This normally does not include the basement or attic. However, if these spaces are finished and can be used as a bedroom, office, etc., these spaces would be included in the livable space.
- Supply & Demand – This is a factor that is coming into play at this time. The supply of houses for sale is down from what REALTORS® would like to have in stock. The lower inventory can lead to multiple offers on a home. Sellers win out in this case, as they, many times, will get a higher than listed sale price.
- Interest Rates – While interest rates are higher than in 2019, they are still lower than 2000 when the 30-year average interest on fixed-rate mortgages was 8.05%. Now that mortgage rates have somewhat leveled off, more buyers are out looking. Mix the interest rates and the low supply, sellers are at an advantage.
Read the Original Article Here: What Makes Your Property Value Increase? 12 Key Factors To Watch
