In, most cases, one of the most significant factors, in, whether a particular house, will sell, or not, is related to its pricing, and, whether, it is perceived, at that particular time, and specific location, by potential, qualified buyers, as attractive, and compelling! There are many factors, which, often, contribute to a house’s market value (defined as, what a buyer is willing to pay, for the specific real property). Homeowners, considering, selling their homes, as well as potential, homebuyers, should, be, as knowledgable, as possible, so they may, realistically, know and understand, certain, relevant factors, in order to, more realistically, understand, factors, which, generally, affect, and determine, home prices. With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 6 key factors, which, generally, matter.
1. Schools: Many homeowners, especially, those, with school – age, children, feel, the quality of local schools, is a key factor, in their evaluations/ emphasis! How do the schools, and overall, education system, in one area, compare, to the competition? In addition, to the level and quality, how about the costs/ taxes, and perceived, bang – for – the – buck? In most cases, this is a key factor, in how, people, value, specific properties, etc!
2. Safety: Both, the actual, as well as, perceived safety, of a specific neighborhood/ area/ region, are often, significant factors, in real estate values! Houses in areas, perceived as, being safer, and having lower crime – rates, generally, garner, higher prices!
3. Conveniences: Does the area, have the desirable balance, between, privacy, and convenience? Many seek conveniences, such as availability, nearby, of supermarkets/ food stores, and other desired stores, houses of worship, and other services, etc!
4. Transportation: While, most don’t want to be, so – close, to transportation, that they are inconvenienced, by noise, etc, they do, seek it to be convenient, and easily accessible! This delicate – balance, in terms of commuter/ public transportation, and key roads, etc, make a significant difference, in pricing.
5. Supply and demand: Like, most things, related to economics, the law of Supply and Demand, are significant, regarding, real estate prices. When there are more buyers, seeking houses, than available inventory of homes, on the market, it creates a Sellers Market (which, generally, causes higher prices). When sellers, out – number buyers, the opposite, occurs!
6. Current real estate market/ economy: The current real estate market, especially, in a specific area, matters! The actual, as well as perceive economy, including, job confidence/ security, etc, often, become major factors!
It’s a good idea, to understand these, and other factors, which, often, impact, and determine, home prices! Will you commit to being, a more – educated/ informed, consumer?