The house you live in, the one where you feel safe and secure, is an important part of your life. Yet according to a recent study by RealtyTrac
, more than 1.5 million American homes are currently sitting vacant or abandoned. That's right: One out of every ten houses on the market has been sitting there for at least six months without being sold or rented.
Why? Well, it could be because too many people find themselves living in overcrowded conditions with little hope of ever owning their own home! Let's take a look at some important factors that determine how much your home is worth - and what might be holding back those who would otherwise have found themselves as homeowners...
5 factors that determine how much your home is worth:
The location of where you live can have a huge effect on how much your home is worth - most homeowners would agree this is one factor that matters! The value of real estate depends largely on location, so put some effort into researching where you want to live. Look into the neighborhood and community, as well as local amenities. You'll want to be sure that your home is located close to everything you need - from shopping centers and restaurants to public transportation, schools, and coffee shops.
2. Condition of the Property
The condition of a property determines how much a homeowner can sell their house for. The first thing potential buyers look at is a house's exterior, so you should spend some time making your home look its best before listing it on the market! The way a home's exterior looks will influence whether or not someone wants to buy it, which means investing in minor repairs or cosmetic updates will pay off in the long run if it helps attract more people into your open houses.
3. How long it has been on the market
The amount of time a house has been on the market is another factor that affects its value. If your home has been listed for sale for several months without anyone showing interest, you'll want to consider revising it and putting it back on the market! Give your property some time to sell if it's not currently appealing to buyers and consider making small changes, like fixing up your kitchen or bathroom, adding new flooring, or changing paint colors. These changes will attract more potential buyers and help get your home sold more quickly.
4. What else is for sale in your neighborhood
You might be surprised by how much impact other houses' values have on yours! The condition of comparable properties in your area can affect how much your house is worth in comparison. For example, if you live on a busy street and there are several vacant houses around you, you might have to drop the price of your home so it's more appealing to people who don't want to deal with all of the noise. You'll also want to keep an eye out for large homes that may be built nearby - once these larger properties hit the market, they could drive down your house's value because potential buyers will choose them instead!
5. The buyer's market
Another thing to consider is the time of year and whether or not buyers are currently shopping for homes because this can affect your house's value! For example, if it's winter and no one wants to move right now, you might have to reduce how much your home is worth just so people will be more willing to come to see it. Timing also depends on the location of your home.
The price of your house is only one factor among many others that can determine its value! The factors explained above are some of the most important things that determine how much your house is worth. If you want to sell your home quickly, consider making any cosmetic upgrades that will help attract buyers to your open houses.
Remember: the condition of comparable properties in your area can also affect how much your house is worth! If other homes for sale in your neighborhood are run-down, you might have to lower your price to stay competitive. Many factors go into determining the value of a house - it's not just about finding someone who wants to pay what you're asking!