When you hear the term “market value” what comes to your mind? Many first-time home buyers are not always certain what the term means. Market value is the price most individuals are willing to pay for a home. Many factors go into the determination of the market value of a given home. Whether a potential buyer understands the concept fully, he or she is likely to understand what makes a home worth a certain price or not. Certain aspects of a home, such as whether or not it has a garage, a fireplace, or a swimming pool, will likely increase or decrease the value of the home.
Although these particulars may be quite obvious, other aspects of what determines a home may not be quite as clear to a buyer. It is smart to work with a realtor who is an expert in what determines market value. Our staff is familiar with the Lindale Texas homes for sale and what they are worth. This gives our buyers an advantage, as they are sure to get a fair price on a home they love.
Here are three factors that affect a home’s market value.
Current Condition of Home
The current condition of a home will greatly determine its market value. Has it been well-maintained? Is the roof leak-free and are the carpets in good condition? Are there stains and dents in the walls? Are the windows crack-free? How well do the furnace and air conditioning systems work? These are just some factors that influence the market value of a home. In addition, the yard and outside appearance of a home will affect the value as well. Is there fencing? And is it in good repair? Understanding these factors helps you, along with your realtor, find fairly-priced, well-kept Lindale Texas homes for sale.
Location of the Home
Home buyers consider how the location of a home will influence them in their daily affairs. They likely know how long the commute to work will take or how long it will be to get to the grocery store. But how close a home is to well-known landmarks or shopping centers can increase or decrease the market value of a home as well. The quality of schools in the area and whether or not the area is well-maintained is also a guiding factor in market value. In addition, homes in busy cities are often less affordable than those in rural areas. Understanding this helps buyers find a home they love, and perhaps helps them find one in a more affordable area to get more “bang for their buck.”
Current Market Conditions
The housing market can either be labeled as a “buyer’s market” or a “seller’s market.” When conditions are favorable to purchase a home, it is a “buyer’s market,” meaning buyers will likely get a better deal on the home than they would have otherwise done because there are many homes that need to be sold and not a lot of selling being done. In contrast, it is a seller’s market when homes can be priced high and are in high demand. Understanding this can help you make a wise decision about when to purchase your home. This does not mean you should not purchase a home in a seller’s market. There are always quality homes for sale at a great price. But working with your realtor can ensure that you understand if a home is overpriced and may decrease in the future.
Our agents are excited and ready to help you find Lindale Texas homes for sale at a price that’s fair and fits your needs. Give us a call today at 903-882-MOVE (6683)!
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