The value of a home can change over time. Determining the value of a home can be done by analyzing several factors. To learn what factors can impact the value of a New York home, continue reading and reach out to our New York City real estate attorneys.
The value of your home can be determined by viewing the sale prices of homes similar to yours in the area. These homes are referred to as “comps” which are homes in your neighborhood that can be used as a comparison based on how recent they were sold, their distance to your home, their location, and similar features to your home.
Appraisers will determine the value of the home by looking into primary indicators based on its location including the following: the qualify of local schools, the distance a house is from utility lines, public transportation, and highways, proximity to shopping, recreational centers, and shopping, as well as employment opportunities. Essentially, the convenience of a home can determine its price.
The price of a house is roughly estimated per square foot, taking usable space into consideration including bathrooms and bedrooms. Bathrooms and bedrooms and more highly valued compared to an attic, unfinished basement, or garage.
Age & Condition
Newer homes are typically appraised at a higher value. The condition of a home plays a part in its value. This is why inspections during the buying process are important.
If the home was previously outdated and was recently upgraded or updated, this can increase the home’s value. This may include adding pools, wood floors, remodels, or extensions.
The Local Market
A house’s value can be impacted by the number of properties that are for sale in the neighborhood. High competition can lead to price adjustments to attract more offers.
The economy impacts a person’s ability to buy or sell a home. When the economy is slow, the housing market can struggle.
Short-term and long-term interest rates can impact a person’s ability to afford a home. Fewer people may be able to buy a home when interest rates rise, impacting how much a home can be sold for.
If you have any additional questions about the factors that may play a part in your home’s value, do not hesitate to reach out to our New York City real estate attorneys.
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.