What Affects the Market Value of Your Property?

In understanding the market value of your property, we must deal with:

A.  Some Factors That Are "Given" - We Have Control Over Them

I.  Physical Qualities of Your Property

• Location

• Age

• Size of House and Lot

• Floor Plan and Architectural Style

II.  Market Conditions

• Interest Rates and Availability of Financing

• Buyer Demand

• Prices of Recently Sold Properties

• State of The Economy

• Seasonal Demand

III.  The Competition

• The Number of Similar Properties For Sale

• Their Prices, Financing Terms, Location, and Physical Condition

B.  Some Factors Have No Effect On The Current Value of Your Property:

I.  Original Price

• What You Originally Paid for Your House

II.  Needed Proceeds

• The Cash Proceeds You Want or Need From the Sale

III.  Opinions

• What People Say Your Property Is Worth