How do you figure your home's value?

How do you figure your home’s value?

Purchasing and owning a home is an investment in your future, so understanding what drives your home’s value can ensure you’re able to align your lifestyle choices with your investment. Here are a few things to consider:
There’s a reason why “location, location, location” is a real estate mantra. At the most basic levels of supply and demand, the land a home sits on is a limited commodity. The higher the demand for the area, the more likely a property is to increase in value over time. Also to consider is the home’s access to mass transit, shopping and services, entertainment and good schools. Just one of these factors can significantly swing a home’s value.MAINTENANCE
A well-maintained home will almost always command a higher sales price. Stay on top of repairs and upgrades, and keep copies of inspection reports and maintenance records. When it comes time to sell, you’ll be able to show a potential buyer detailed information on the condition of the home and a history of what upgrades have been performed.
What have home prices been doing in the region? How does price activity compare to surrounding areas? Local, national and even global economies affect the real estate market and, while no one has a crystal ball, following forecasts that take into account what’s happening in the economy can help you stay informed. An experienced real estate professional can also help research and provide insight on pricing activity. Let me know if you’d like help being connected to an experienced professional in your area.
Whether you’re buying a new home or considering refinancing your current one, take time to consider your options for home financing carefully. I can help you evaluate the details of your financial profile alongside your future plans. It’s important to look at the whole picture, including how long you plan to live in the home, opportunities to improve credit, monthly payment thresholds, and optimal down payment options. I can also show you options for accessing the equity in your home for upgrades and repairs.
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