How Does Location Affect Home Value?
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Hey everyone. Just want to take a few minutes today, to discuss with you about why location plays a major role in determining what you can sell your home for and how long you can expect your home to be on the market before you actually close on the house. So this is important because
buyers are looking in certain areas to find their new home.
And when there are more buyers looking to purchase a home in one area versus another, that creates a bigger demand for a certain area
, which causes the location to play a major role in determining what you’re going to sell your home for and how long you expect it to be on the market. If you have more buyers looking to purchase in your area, then there’s a big chance that your house is going to sell quickly, in addition to if it’s updated or not, it’s staged or not and all those other details that come into play.
And if you’re going to sell your home quicker, then there’s a big chance you might even sell it for a more amount of money just because, like I said, if the buyers are highly interested in moving to that area, then you have a lot of demand. For example, a home that is in Plymouth may sell quicker and for higher than a home that sells in Northville. And a home that is in Pontiac may not sell for the same or close to amount of money that a home that sells in West Bloomfield specifically because of the demand of the location of the area and which plays a factor in the value of a home. Because the value of the home, appraisers will look at what has sold recently in the area and when there’s bigger demand, people pay more to get the home.
So I hope this video was helpful, but in reality, if you choose the right realtor and they sit down and go over the comparables with you, they’ll help you determine what you can expect. What are the average days on market for your home in your area? How much are homes typically selling for, for price per square foot in the area as well? And that way you can determine how much you should expect to sell your home for and how long you can expect for it before it actually sells and closes.
And that way you don’t go into thinking, “well, I saw this house that had the same amount of square footage in West Bloomfield and I’m in Pontiac. Why isn’t my home selling as quickly as I thought it would? Or how can I get that price? I know it’s really worth that.” And so this way you don’t go in frustrated if you’re not getting the activity that you want because you priced it too high or you’re not getting frustrated thinking that it’s priced too high because it hasn’t flown off the market within seven days. So if you have any questions, leave a comment below or you can email me at [email protected]. Thanks. Bye.
This has been “How Does Location Affect Home Value?” by Patrice Henderson Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Get your FREE listing consultation or home evaluation to learn the value of your home and what you can do to increase your home’s value.