When a seller decides to list a property, they should understand what factors are important to determine an appropriate list price that is conducive towards having a good level of foot traffic, and ultimately sell the home at its highest possible price. Many factors go into determining the appropriate list price for a property, utimitaly they can be boiled down to the following top factors.
Location is one of the most important factors towards determine list value. The reason is obvious, a 3 bed 2 bath home in the center of the city is typically valued higher than an equivalent grade property that is on the outskirts of the city. Additionally, while it may be possible to move a house from one location to another, or possibly make improvements to a property, it simply will never be possible to move the land.
Condition is a key factor simply because the difference between two identical lots located adjacent to each other could be simply that on one lot there is a house and on the other lot there might not be any development. In that example even though both properties are located in the same relative area, the difference between them makes all the difference. This factor also applies to example of two identical homes, one might have been immaculately looked after, and might even still seem to be in the same condition as when it was first built, if the other property is not in the same condition, then the value will be affected.
Similar to condition, improvements can make one property more desirable than the next. For instance properties that have been improved either by renovations, modernization or upgrading will be looked at different than those that have not undergone those changes. Renovations are when floor plans are changed by construction or demolition, they change the flow of the home and/or add square footage to the property. Modernization or upgrading is when changes are made to improve the property, an example would be the removal of melamine countertops for the installation of granite countertops.
In order to figure out the conformity of a property, a person really just needs to ask "Is the property in question similar to other properties located near by?" If so, then the value will be easy to detrain, by simply looking at what other properties near by sold for. However, if the property is over improved with customization or not improved enough for the area the property might be deficient.
An agent will look and evaluate all these factors in their various combinations and severity, and then apply a range to list the home, with which will a seller will be reasonably able to sell their property at.
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