Since property values are driven by factors like the economy along with real estate supply and demand; prices are always fluctuating.
The sheer numbers of variables make it even more challenging to set an appropriate price for your house. Also, the price you set may also be subject to change depending on factors like the days on market and potential buyer response.
The average price for houses sold in the US is a little over $350,000, but how exactly did they come up with this number? In this post, we will highlight the key factors that real estate agents consider in order to determine the value of a house.
The House Itself
One of the most important ways to determine the price of a home is taking a good look at the house itself. This includes taking into consideration the lot size of the house, the condition, the amenities and the age of the house. Added together, all of these features directly impact the overall value of the house.
Another very important consideration is where the house is located. Location is a key driving factor for any buyer looking for a new home. If the area is in high demand and close to the city center or school district, you can definitely fetch a higher price.
Comparative Market Analysis
Perhaps one of the easiest ways to set a price is through a comparative market analysis. During these analyses, realtors consider the prices of properties recently sold in the area as well as prices of houses currently on the market. They use this information to set the right value for houses. This is crucial as it helps avoid under-pricing or overpricing the property.
Homeowner’s Input
While research definitely helps, feedback from the seller often includes details that can significantly influence the price of the house.
A neighboring house must have sold for lower than the market value due to the owners moving abroad, or a deal must have been closed above market price due to its exotic marble flooring— these are details that only the seller would be aware of. This kind of information is vital for the real estate agent to devise accurate estimate of the value of your house.
Looking to sell your home fast in Camp Hill at the best comparative market price? Let us at Smith Top Team guide through the process. With 40 years of combined experience in selling Camp Hill PA real estate we have the dedicated expertise to limit your days on the market and sell for a price that you expect. Contact us now for all your real estate needs.