You might be surprised at what really affects your home’s price: buyers. There are lots of other reasons you might give for pricing your home a certain way. The best real estate agents will explain to you what does, and does not affect the value of your home.
Read on to see if any of these points are a bit surprising.
What Does Not Affect Value
- What you paid for the house
- Your remodeling costs
- The amount of cash you need to buy your new home
- What you want for your house
- What your agent says your house is worth
- What other real estate agents say your house is worth
- What an appraiser said your house is worth
- What the tax assesor said your house was worth
- What your house might have been worth two years ago
How is Your Home Value Determined?
- Value is a moment in time—what your house is selling for today (not yesterday or tomorrow)
- Value is determined by what a buyer is willing to pay in today’s market, based on the comparison of your house to others on the market, in both your own neighborhood and others.