A lot of factors impact a home’s price, and knowing what they are when you’re house-hunting can make buying a lot easier.
Here’s what you need to know.
What Goes Into a Home’s Price?
Some of the factors that bring a home’s price to what it is include:
- Market conditions
- Age and condition
Local market conditions have a big impact on a home’s price. If it’s a seller’s market – one in which there are more buyers than houses – the prices will generally be higher. If it’s a buyer’s market, where there are more homes than there are buyers, the prices will likely be lower.
Location matters – even right down to the neighborhood and street. Home prices can vary widely throughout a neighborhood, especially when there are other factors affecting a house’s value (like a tear-down next door, old homes on either side of the one that’s for sale, or even whether there’s a park nearby).
Comps are other homes a real estate agent compares the for-sale home to in order to arrive at a price. They’ll all be similar in size, location and amenities, as well as age, and they give a clear picture of what buyers are paying for other homes on the current market.
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Specific amenities in the home will affect its price, like brand-name, new appliances, big bedrooms, how much light comes in the windows during the day, and ceiling height. Every home is different, and every amenity is worth a different amount to buyers – but they all add up.
Age and Condition
The home’s age and its condition are very important when it comes to price. A home with new appliances and systems will be higher-priced than an older home that’s likely to need a new roof in the next few years.
Are You Buying a Home Along 30A?
If you’re thinking about buying a home for sale on 30A, we can help you. Call us at 850-213-3048 to tell us what you’re looking for – we can help you find it.
In the meantime, check out all our listings or get specific with these links: