When most people contemplate the value of their home, they naturally refer to two important factors: the emotional attachment to the property, and how much they paid for it. However these two factors have absolutely no bearing on the market value. What establishes the market value of your home is a combination of local and economic variables:
- Comparable Sales in Your Immediate Area
- Neighborhood Desirability
- Buyer Activity and Housing Inventory
- General Economic Indicators (Interest Rates, Mortgage Rates, Job Rates, News, both local and global…)
- Your Home’s Condition (Upgrades, Improvements and Curb Appeal)
Remember that the market....